*Exercise 8-9 Teal Company sells one product. Presented below is information for January for Teal Company. Jan. 1 4 11 13 20 27 Inventory Sale Purchase Sale Purchase Sale 124 units at $4 each 100 units at $8 each 162 units at $7 each 134 units at $9 each 151 units at $7 each 96 units at $11 each Teal uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Teal 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 107 units. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Debit Credit Date Account Titles and Explanation Jan. 31