Sheffield Company sells one product. Presented below is information for January for Sheffield Company. Jan. 1 Inventory 117 units at $5 each 4 Sale 94 units at $8 each 11 Purchase 153 units at $7 each 13 Sale 123 units at $9 each 20 Purchase 154 units at $7 each 27 Sale 90 units at $11 each Sheffield uses the FIFO cost flow assumption. All purchases and sales are on account. Correct answer iconYour answer is correct. Assume Sheffield 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 117 units. (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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