Blue Company seils one product. Presented betow is intormation for January tor Blue Company. Blue uses the FIFO cost now assumptlon Al purchases and soles are on account: (a) Assume Bue uses a periodic system. Prepare all necessary journal entries, including the end-ot-month closing entry to record cost of goods sold. A plystcat count indicates that the ending inventory for lanuary a 116 units (is no enter is required. ielect "No entry" for the occount titles and enter o for the drabuats Credit account tities are outomoticaliy indented when amount is entered. Do nor indent monually. Liat all debit entries before credit entrien.)