Question 1 View Policies Show Attempt History Current Attempt in Progress Concord Company sells one product. Presented below is information for January for Concord Company Jan. 1 Inventory 105 units at $4 each 4 Sale 83 units at $8 each 11 Purchase 162 units at $7 each 132 units at $9 each 13 Sale 20 Purchase 160 units at $7 each 97 units at $10 each 27 Sale Concord uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Your answer is correct. Assume Concord uses a periodic system. Prepare all necessary journal entries, including the end-of-month clos A physical count indicates that the ending inventory for January is 115 units. (If no entry is required, select "No er the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Trullant Federal Cr... Your Amazon.com WaMy Account | Wi (c) Assume Concord uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles ar for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Jan. 4 Accounts Receivable 664 Sales Revenue 664 (To record the sale) Cost of Goods Sold 332 Inventory 332 (To record the cost of inventory) Jan. 11 Inventory 1134 Accounts Payable 1134 Jan. 13 Accounts Receivable 1188 Sales Revenue 1188 (To record the sale) Cost of Goods Sold Inventory Sales Revenue 1188 (To record the sale) Cost of Goods Sold Inventory (To record the cost of inventory) Jan. 20 Accounts Receivable 1120 Sales Revenue 1120 Jan. 27 Cost of Goods Sold 970 Inventory 970 (To record the sale) Inventory Accounts Payable (To record the cost of inventory) eTextbook and Media List of Accounts