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At the beginning of the year, Ayayai Ltd. had 940 units with a cost of $7 per unit in its beginning inventory. The following inventory

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At the beginning of the year, Ayayai Ltd. had 940 units with a cost of $7 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 9 Sold 660 units on account for $14 each. Purchased 950 units on account for $8 per unit. Sold 820 units for cash at $13 each. 15 Prepare journal entries for these January transactions assuming that Ayayai Ltd. uses FIFO under a periodic inventory system. Ayayai updates records at month end. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 3 9 15

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