Sunland Company sells one product. Presented below is information for January for Sunland Company. Assume Sunland 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 $111$ 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 $1$

$1$

$[$

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

$($a$)$