Riverbed Company sells one product. Presented below isinformation for January for Riverbed Company.

Jan. 1       Inventory      111   units at $5 each
4       Sale      90   units at $8 each
11       Purchase      159   units at $6 each
13       Sale      130   units at $9 each
20       Purchase      149   units at $7 each
27       Sale      85   units at $11 each

Riverbed uses the FIFO cost flow assumption. All purchases andsales are on account.
      
Assume Riverbed uses a periodic system. Prepare all necessaryjournal entries, including the end-of-month closing entry to recordcost of goods sold. A physical count indicates that the endinginventory for January is 114 units. (If no entry is required,select "No entry" for the account titles and enter 0 for theamounts. Credit account titles are automatically indented whenamount is entered. Do not indent manually.)

Date
Account Titles and Explanation
Debit
Credit
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Accounts Receivable
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720
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Sales Revenue
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Entry field with correct answer
720
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Entry field with correct answer
Purchases
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954
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Accounts Payable
Entry field with correct answer
Entry field with correct answer
954
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Entry field with correct answer
Accounts Receivable
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1170
Entry field with correct answer
Entry field with correct answer
Sales Revenue
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Entry field with correct answer
1170
Entry field with correct answer
Entry field with correct answer
Purchases
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1043
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Entry field with correct answer
Accounts Payable
Entry field with correct answer
Entry field with correct answer
1043
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Entry field with correct answer
Accounts Receivable
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935
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Sales Revenue
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935
Jan. 31
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Inventory
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798
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Cost of Goods Sold
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1754
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Purchases
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1997
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Inventory
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555

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Incorrect answer.   Your answer is incorrect. Tryagain.
      
Compute gross profit using the periodic system.

Gross profit      
$Entry field with incorrect answer
1031

  

Partially correct answer.   Your answer is partiallycorrect. Try again.
      
Assume Riverbed uses a perpetual system. Prepare all necessaryjournal entries. (If no entry is required, select "No entry" forthe account titles and enter 0 for the amounts. Credit accounttitles are automatically indented when amount is entered. Do notindent manually.)

Date
Account Titles and Explanation
Debit
Credit
Entry field with correct answer
Entry field with correct answer
Accounts Receivable
Entry field with correct answer
720
Entry field with correct answer
Entry field with correct answer
Sales Revenue
Entry field with correct answer
Entry field with correct answer
720
(To record the sale)
Entry field with correct answer
Cost of Goods Sold
Entry field with incorrect answer
360
Entry field with correct answer
Entry field with correct answer
Inventory
Entry field with correct answer
Entry field with incorrect answer
360
(To record the cost of inventory)
Entry field with correct answer
Entry field with correct answer
Inventory
Entry field with correct answer
954
Entry field with correct answer
Entry field with correct answer
Accounts Payable
Entry field with correct answer
Entry field with correct answer
954
Entry field with correct answer
Entry field with correct answer
Accounts Receivable
Entry field with correct answer
1170
Entry field with correct answer
Entry field with correct answer
Sales Revenue
Entry field with correct answer
Entry field with correct answer
1170
(To record the sale)
Entry field with correct answer
Cost of Goods Sold
Entry field with incorrect answer
Entry field with correct answer
Entry field with correct answer
Inventory
Entry field with correct answer
Entry field with incorrect answer
(To record the cost of inventory)
Entry field with correct answer
Entry field with correct answer
Inventory
Entry field with correct answer
1043
Entry field with correct answer
Entry field with correct answer
Accounts Payable
Entry field with correct answer
Entry field with correct answer
1043
Entry field with correct answer
Entry field with correct answer
Accounts Receivable
Entry field with correct answer
935
Entry field with correct answer
Entry field with correct answer
Sales Revenue
Entry field with correct answer
Entry field with correct answer
935
(To record the sale)
Entry field with correct answer
Cost of Goods Sold
Entry field with incorrect answer
805
Entry field with correct answer
Entry field with correct answer
Inventory
Entry field with correct answer
Entry field with incorrect answer
805
(To record the cost of inventory)

  

Incorrect answer.   Your answer is incorrect. Tryagain.
      
Compute gross profit using the perpetual system.

Gross profit      
$Entry field with incorrect answer