Exercise B-09 Nash Company sells one product. Presented below is information for January for Nash Company, Jan. 1 Inventory 102 units at $5 each 4 Sale 81 units at $8 each 11 Purchase 158 units at $6 each 13 Sale 126 units at $9 each 20 Purchase 152 units at $6 each 27 Sale 98 units at $10 each Nash uses the FIFO cost flow assumption. All purchases and sales are an account. Your answer is correct. Assume Nash 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 107 units. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Jan. 4 1 648 T 648 Jan. 11 a 948 Jan. 13 Accounts Receivable * Sales Revenue purchases Accounts Payable Taccounts Receivable * Sales Revenue P urchases 1 Accounts Payable Accounts Receivable Sales Revenue Jan. 20 BERPES EEEE SEDE Jan. 27 980 T Jan. 31 Inventory 6421 t 1728 cost of Goods Sold 1 Purchases T Inventory Compute gross profit using the periodic system. Gross profit 1 1034 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Assume Nash uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 4 Accounts Receivable T 6 48 1 648 Sales Revenue (To record the sale) Cost of Goods Sold 1 405 T Inventory (To record the cost of inventory) 948 Jan. 11 of inventory Accounts Payable Jan. 13 Accounts Receivable Sales Revenue (To record the sale) 1134 1134 cost of Goods Sold 7 05 Inventory (To record the cost of inventory) Inventory Jan, 20 T Accounts Payable 1 912 Jan. 27 an 27 Accounts Receivable 1 980 980 1 Sales Revenue (To record the sale) Jan. 27 Accounts Receivable 9807 980) Sales Revenue (To record the sale) TCost of Goods Sold 980 Inventory (To record the cost of inventory) SHOW LIST OF ACCOUNTS LINK TO TEXT X] your answer is incorrect. Try again. Compute gross profit using the perpetual system. Gross profit $ Click if you would like to Show Work for this question: Open Show Work