Splash Cimpany sells one product. Presented below is information for January for Splish Company.

Jan 1 Inventory 124 units at $4 each

4 sale 100 units at $8

11 Purchase 162 units at $7

13 Sale 134 units at $9

20 Prchase 151 units $7 each

27 Sale 96 units at $11 each

Splash uses the FIFO coat flow assumptions. All purchases and sales on account.

A) assume Splish uses a periodic system. Prepare all necessary journal eateries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 107 units.