4 Sale 11 13 Sale 20 18. Chippewas Company sells one product. Presented below is information for January for Chippewas Company. Jan. 1 Inventory 100 units at $5.5 each 80 units at $7.5 cach Purchase 150 units at $6.5 each 120 units at $8.5 each Purchase 160 units at $7.5 cach 27 Sale 100 units at $8.5 each Chippewas uses the FIFO cost flow assumption. All purchases and sales are on account. Instructions Assume Chippewas 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 110 units