Carribean Company sells one product. Presented below is information for January for Carribean Company.

Jan. 1		Inventory		112	units at $5 each
4		Sale		88	units at $8 each
11		Purchase		165	units at $6.00 each
13		Sale		134	units at $9.00 each
20		Purchase		150	units at $6 each
27		Sale		93	units at $11 each

Carribean uses the FIFO cost flow assumption. All purchases and sales are on account.

Assume Caribean uses a periodic system. Prepare all necessary journal 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 112 units. (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.)