Prepare journal entries for these January transactions assuming that Swifty Ltd. uses FIFO under a periodicinfintory system. Also, record the adjusting entry at the end of the month to update the frwentory and Cost of Goods Sold sccounts, Whit dil debit entries before credit entries. Credit account titles are automatically indented wich the amount is entered, Do nat indent manculik. If no entry is required, select "No Entry" for the account titles and enter O for the amounts kiecont journal entries in the order presented in the problem.) Jan.9 Purchases Accounts Payable 7680 At the beginning of the year, Swifty Ltd. had 930 units with a cost of $7 per unit in its beginning inventory. The following irventory transactions occurred during the month of January: Jan. 3 Sold 720 units on account for $13each. 9 Purchased 960 units on account for $8 per unit. 15 Sold 800 units for cash at $12 each