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Metlock Company sells one product. Presented below is information for January for Metlock Company. Jan. 1...

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

Jan. 1 Inventory 101 units at $4 each
4 Sale 80 units at $8 each
11 Purchase 144 units at $6 each
13 Sale 111 units at $9 each
20 Purchase 156 units at $7 each
27 Sale 100 units at $11 each


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

-Compute gross profit using the perpetual system

-Assume Metlock 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 automatically indented when amount is entered. Do not indent manually.)

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