Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Jan. 1 Inventory 121 units at $4 each 4 Sale 98 units at $8 each 11 Purchase 144 units at $7 each 13 Sale 113 units at $9 each 20 Purchase 161 units at $6 each 27 Sale 100 units at $10 each Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account.

Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries.