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Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Jan. 1 Inventory 103 units at $5 each 4

Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company.

Jan. 1 Inventory 103 units at $5 each
4 Sale 79 units at $8 each
11 Purchase 148 units at $7 each
13 Sale 114 units at $9 each
20 Purchase 164 units at $7 each
27 Sale 102

units at $10 each

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 120 units.

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