Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1 Inventory 114 units at $5 each 4 Sale 89 units at $8 each 11 Purchase 156 units at $7 each 13...

Bramble Company sells one product. Presented below is information for January for Bramble Company.

Bramble uses the FIFO cost flow assumption. All purchases and sales are on account.

Extracted text: Compute gross profit using the perpetual system. Gross profit %24

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Extracted text: Assume Bramble 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 712 Sales Revenue 712 (To record the sale) Cost of Goods Sold 445 Inventory 445 (To record the cost of inventory) Jan. 11 Inventory 1092 Accounts Payable 1092 Jan. 13 Accounts Receivable 1134 Sales Revenue 1134 (To record the sale) >