Assume Martinez 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 107 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.)

Assume Martinez 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.)

Exercise 8-9 Martinez Company sells one product. Presented below is information for January for Martinez Company Jan. 1 Inventory 124 units at $4 each 100 units at $8 each 162 units at $7 each 134 units at $9 each 151 units at $7 each Jan. 1 4 Sale 11 13 Sale 20 27 Sale Purchase Purchase 96 units at $11 each Martinez uses the FIFO cost flow assumption. All purchases and sales are on account