Sheffield Company sells one product. Presented below is information for January for Sheffield Company.

Jan. $1$ Inventory $117$ units at $$5$ each

$4$ Sale $94$ units at $$8$ each

$11$ Purchase $153$ units at $$7$ each

$13$ Sale $123$ units at $$9$ each

$20$ Purchase $154$ units at $$7$ each

$27$ Sale $90$ units at $$11$ each

Sheffield uses the FIFO cost flow assumption. All purchases and sales are on account.

$($a$)$

Assume Sheffield 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 $117$ 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 M