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.

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 $0$ for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

$($To record the sale$)$

$($To record the cost of inventory$)$

Accounts Payable

Jan. $13$

Accounts Receivable

$1188$

Sales Revenue

$($To record the sale$)$

Jan. $13vv$

Cost of Goods Sold

Inventory

$($To record the cost of inventory$)$

Jan. $20vv$

Purchases

Accounts Payable

$984$

Accounts Receivable