E8-9 (Periodic versus Perpetual Entries) Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Jan 1 Inventory 100 units at $5 each Jan 4 Sale 80 units at $8 each Jan 11 Purchase 150 units at $6 each Jan 13 Sale 120 units at $8.75 each Jan 20 Purchase 160 units at $7 each Jan 27 Sale 100 units at $9 each Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account. Instructions: (a) Assume Fong Sai-Yuk 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.