SheffieldCompany sells one product. Presented below is information for January forSheffieldCompany.

Jan. 1 Inventory 117 units at $5each

4 Sale 94 units at $8each

11 Purchase 153units at $7each

13 Sale 123units at $9each

20 Purchase 154units at $7each

27Sale 90units at $11each

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

AssumeSheffielduses a periodic system. Prepare 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 is117units.