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Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1 4 11 Inventory Sale Purchase Sale Purchase 114 units at $5 each 89 units at $8 each 156 units at $7 each 126 units at $9 each 158 units at $7 each 103 units at $11 each 13 20 27 Sale Bramble uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Your answer is correct Assume Bramble 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 Accounties and Explanation Date Account Titles and Explanation Accounts Receivable Debit Credit Jan. 4 712 Sales Revenue 712 Jan. 11 Purchases 1092 Accounts Payable 1092 Jan. 13 Accounts Receivable 1134 Sales Revenge 1134 Jan. 20 Purchases 1106 Accounts Payable 1106 Jan 27 Accounts Receivable 1133 Sales Revenue 1133 Jan 31 Inventory 770 Cost of Goods Sold 1998 Purchase Inventory 570 Compute gross profit using the periodic system. Gross profit $ $

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