Question 6 of 10 4.67 / 10 III View Policies Show Attempt History Current Attempt in Progress At the beginning of the year, Sarasota Ltd. had 870 units with a cost of $6 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 Sold 670 units on account for $12 each. 9 Purchased 1,050 units on account for $7 per unit. 15 Sold 800 units for cash at $11 each. (a) Your answer is partially correct. Prepare journal entries for these January transactions assuming that Sarasota 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 8040 Sales 8040 3 4020 (To record sale) Cost of Goods Sold Inventory (To record the inventory) 4020 9 Inventory 7350 Accounts Payable 7350 15 Cash 8800 8800 Sales (To record sale) Cost of Goods Sold 15 5320 5320 Inventory (To record the inventory)