Current Attempt in Progress Vaughn Company sells one product. Presented below is information for January for Vaughn Company. Jan. 1 Inventory 4 Sale 11 Purchase 115 units at $5 each 91 units at $8 each 156 units at $7 each 128 units at $9 each 155 units at $7 each 95 units at $10 each 13 Sale 20 Purchase 27 Sale Vaughn uses the FIFO cost flow assumption. All purchases and sales are on account. i - Assume Vaughn 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 112 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 (b) Compute gross profit using the periodic system Gross profit $ Assume Vaughn uses a perpetual system. Prepare all necessary Journal entries. Of 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 (To record the sale) (To record the cost of inventory) (To record the sale) To record the sale) (to record the cost of eventory) (To record the sale) (To record the cost of inventory) Compute gross profit using the perpetual system. Gross profit $ LA