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.