AssumeBlueuses a perpetual system. Prepare all necessary journal entries.

Blue Company sells one product. Presented below is information for January for Blue Company. Jan. 1 Inventory 122 units at $4 each 4 Sale 101 units at $8 each 11 Purchase 164 units at $6 each 13 Sale 132 units at $9 each 20 Purchase 169 units at $6 each 27 Sale 106 units at $10 each Blue uses the FIFO cost flow assumption. All purchases and sales are on account.Your answer is partially correct. Assume Blue 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 manually) Account Titles and Explanation Debit Credit v Accounts Receivable 808 Sales Revenue 808 (To record the sale) Cost of Goods Sold Inventory 404 (To record the cost of inventory) v Inventory Accounts Payable 984 v Accounts Receivable Sales Revenue 1185 (To record the sale) Cost of Goods Sold 696 Inventory 696(To record the cost of inventory) Inventory 1014 Accounts Payable 1014 Accounts Receivable 1060 Sales Revenue 1060 (To record the sale) Cost of Goods Sold 318 Inventory 318 (To record the cost of inventory)