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

Jan. 1		Inventory		101	units at $4 each
4		Sale		80	units at $8 each
11		Purchase		144	units at $6 each
13		Sale		111	units at $9 each
20		Purchase		156	units at $7 each
27		Sale		100	units at $11 each

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

Assume Crane 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 110 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.)

******** For the journal entry on January 31^st, explain how you get :

Inventory 770

COGS 1590

Inventory 404

Purchases 1956