PLEASE ANSWER PART (C)

(b) Your answer is correct. Compute gross profit using the periodic system. Gross profit Assume Crane uses a periodic system. Prepare all necessaryjournal 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 0 for the amounts, Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Crane Company sells one product. Presented below is information for January for Crane Company. Crane uses the FIFO cost flow assumption. All purchases and sales are on account. Jan. 31 Imventory 770 Cost of Goods Sold 1590 Inventory 404 Purchases \begin{tabular}{r} 1956 \\ \hline \end{tabular} Assume Crane uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are outomatically indented when amount is entered. Do not indent manually List all debit entries before credit entries.)