provide detail explanation

urrent Attempt in Progress At the beginning of the year, Novak Ltd. had 890 units with a cost of $6 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 9 15 Sold 740 units on account for $14 each Purchased 970 units on account for $7 per unit Sold 790 units for cash at $13 each. (a) Your answer is correct Prepare journal entries for these January transactions assuming that Novak Ltd, uses FIFO under a perpetual inventory system, (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Prepare Journal entries for these January transactions assuming that Novak Ltd. uses FIFO under a perpetual inventory system (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Jan. 3 Accounts Receivable 10360 10360 (To record sale) 3 Cost of Goods Sold 4440 (To record the inventory) Inventory 9 6790 Accounts Payable 6790 15 Cash 10270 10270 (To record sale) 15 Cost of Goods Sold 5380 Inventory (To record the inventory) Prepare journal entries for these January transactions assuming that Novak Ltd. uses FIFO under a periodic inventory syste Novak updates records at month end. (List all debit entries before credit entries. Credit account titles are automatical Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the acco tities and enter for the amounts.) Debit Credit Date Account Titles and Explanation Jan. 3 Accounts Receivabile Purchases Accounts Payable 10270 15 5380 31 Cost of Goods Sold 5380 Inventory