At the beginning of the year, Monty Ltd. had 900 units with a cost of $6 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 Sold 730 units on account for $13 each. Purchased 1.000 units on account for $7 per unit. 15 Sold 780 units for cash at $12 each. 9 Prepare journal entries for these January transactions assuming that Monty Ltd. uses FIFO under a periodic inventory system. Monty 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 Jan. 3 Accounts Receivable Debit Credit 9490 Sales 9490 9 Inventory 7000 Accounts Payable 7000 15 Cash 9360 Sales 9360 31