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I just need (Part C) but if you are familiar with what it might be please help me solve. All the help is necessary. Thank you, will like if correct.

Waterway Company sells one product. Presented below is information for January for Waterway Company. Jan. 1 Inventory 119 units at $4 each 4 Sale 98 units at $8 each 11 Purchase 13 Sale 141 units at $6 each 111 units at $9 each 160 units at $6 each 20 Purchase 27 Sale 95 units at $11 each Waterway uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Question 4 of 7 0.5/1 Assume Waterway 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 116 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 Account Titles and Explanation Debit Credit Jan. 4 Accounts Receivable 784 Sales Revenue 784 Jan 11 Purchases 846 Accounts Payable 846 Jan 13 Accounts Receivable 999 Sales Revenue 999 Jan. 20 Purchases 960 Accounts Payable 960 Jan 27 Accounts Receivable 1045 Sales Revenue 1045 Jan. 31 Inventory 696 Cost of Goods Sold 1586 Purchases 1806 Inventory 476 e Textbook and Media List of Accounts Attempts: 1 of 12 used (b) Question 4 of 7 0.5/1 (b) Your answer is correct Compute gross profit using the periodic system. Gross profit $ 1242 eTextbook and Media List of Accounts Attempts: 1 of 12 used (c) Assume Waterway 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 c) Assume Waterway uses a perpetual system. Prepare all necessary journal entries. (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 Account Titles and Explanation Debit Credit (To record the sale) (To record the cost of inventory) Assume Waterway uses a perpetual system. Prepare all necessary journal entries. Of 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 Account Titles and Explanation Debit Credit I (To record the sale) To record the cost of inventory This record the sale To record the cost of inventory (To record the sale) (To record the cost of inventory) eTextbook and Media List of Accounts

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