Sheridan Company sells one product. Presented below is information for January for Sheridan Company. Jan. 1 Inventory 107 units at $5 each Sale 84 units at $8 each 11 Purchase 146 units at $6 each 13 Sale 118 units at $9 each 20 Purchase 153 units at $7 each 27 Sale 89 units at $10 each Sheridan uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Your answer is partially correct. Assume Sheridan 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 115 units. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation 672 Accounts Receivable 672 Sales Revenue 876 n. 11 Purchases 1071 Accounts Payable 890 n 27 > Accounts Receivable 890 Sales Revenue 805 > an 31 Inventory 1677 Cost of Goods Sold Inventory Purchases