Journalize the following transactions for both Ticut Co. (seller) and Momo Co. (buyer). Assume both the companies use the perpetual inventory system. Stevens Company started the year with beginning inventory cost of exist145,000. During of the month January, Stevens purchased inventory that cost exist53,000. January sales totaled exist140,000. Estimated gross profit is 35%. What is the estimated ending inventory as of January 31? The Sarbanes-Oxley Act requires that financial statements of all public companies report on management's conclusions about the effectiveness of the company's internal control procedures. True False