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Sheffield Company sells one product. Presented below is information for January for Sheffield Company. Jan. 1 Inventory 1 1 7 units at $ 5 each

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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
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