Oriole Company sells one product. Presented below is information for January for Oriole Company.

Jan. $1$ Inventory $120$ units at $$5$ each

$4$ Sale $96$ units at $$8$ each

$11$ Purchase $141$ units at $$7$ each

$13$ Sale $113$ units at $$9$ each

$20$ Purchase $160$ units at $$7$ each

$27$ Sale $104$ units at $$11$ each

Oriole uses the FIFO cost flow assumption. All purchases and sales are on account.

$($a$)$

Assume Oriole 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 $108$ 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. List all debit entries before credit entries.$)$

Date Account Titles and Explanation

Debit

Credit