Can you please help me with this question?

E8.8(LO2, 3)(Periodic versus Perpetual Entries)Chippewas Company sells one product. Presented below is information for January for Chippewas Company.

Jan. 1

Inventory

100

units at $6 each

4

Sale

80

units at $8 each

11

Purchase

150

units at $6.50 each

13

Sale

120

units at $8.75 each

20

Purchase

160

units at $7 each

27

Sale

100

units at $9 each

Chippewas uses the FIFO cost flow assumption. All purchases and sales are on account.

Instructions

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.