Question 1 Monty Company sells one product. Presented below is information for January for Monty Company. 113 units at $4 each 92 units at $8 each 141 units at $6 each 112 units at $9 each 154 units at $7 each Jan. 1 Inventory 4 Sale 11 13 Sale 20 27 Sale Purchase Purchase 93 units at $11 each Monty uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Monty 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 111 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.) Date Account Titles and Explanation Debit Credit