Windsor Company sells one product. Presented below is information for January for Windsor Company. Jan. 1 Inventory 4 Sale 11 Purchase 13 Sale 20 Purchase 27 Sale 108 units at $5 each 87 units at $8 each 150 units at $7 each 123 units at $9 each 168 units at $7 each 106 units at $11 each Windsor uses the FIFO cost flow assumption. All purchases and sales are on account. Your answer is partially correct. Assume Windsor uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 110 units. (If no entry is required, select "No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 4 Accounts Receivable 696 696 Sales Revenue 696 696 Jan 11 Purchases 1050 Accounts Payable 1050 Jan 13 Accounts Receivable 1107 Sales Revenue 1107 Jan. 2011 Purchases 1176 Accounts Payable 1176 Jan. 27 Accounts Receivable 11 166 Sales Revenue 1166 1166 Accounts Receivable 1166 Sales Revenue 1166 Jan. 31 Inventory Cost of Goods Sold Purchases Inventory e Textbook and Media List of Accounts X Your answer is incorrect. Compute gross profit using the periodic system. Gross profit $