Bonita Company sells one product. Presented below is information for January for Bonita Company. Jan. 1 4 (a) 11 13 20 Inventory 109 units at $4 each 85 units at $8 each 137 units at $7 each 109 units at $9 each Purchase 151 units at $7 each 93 units at $11 each Sale Purchase Sale 27 Sale Bonita uses the FIFO cost flow assumption. All purchases and sales are on account.

Bonita Company sells one product. Presented below is information for January for Bonita Company. Bonita uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Bonita uses a periodic system. Prepare all necessary journat entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 110 units. (If no entry is required, setect "No entry" for the account titles and enter 0 for the omounts. Credit account titles are automatically indented when amount is entered. Do not indent manually List all debit entries before credit entries.)