ignment NEXT Exercise 8-9 Novak Company sells one product. Presented below is in Jan. 1 pany Inventory 4 Sale 11 13 Sale 20 27 Sale 118 units at $5 each 93 units at $8 each 165 units at $6 each 136 units at $9 each 163 units at $7 each 104 units at $11 each Purchase Purchase Novak uses the FIFO cost flow assumption. All purchases and sales are on account. Your answer is partially correct. Try again. Assume Novak 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 113 units. (If no entry is required, select "No entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit unts Receivable ales R