Jan. 1 Inventory 100 units at $6 each4 Sale 80 units at $8 each11 Purchase 150 u

Jan. 1 Inventory 100 units at $6 each4 Sale 80 units at $8 each11 Purchase 150 units at $6.50 each13 Sale 120 units at $8.75 each20 Purchase 160 units at $7 each27 Sale 100 units at $9 eachChippewas uses the FIFO cost flow assumption. All purchases and sales are on account.(a)
Assume Chippewas 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.(b) Compute gross profit using the periodic system.(c) Assume Chippewas uses a perpetual system. Prepare all necessary journal entries.(d) Compute gross profit using the perpetual system.