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Waterway Company sells one product. Presented below is information for January for Waterway Company.

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

$($a$)$

Assume Waterway 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 $116$ 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. List all debit entries before credit entries.$)$

List of Accounts

Saved work will be auto$-$submitted on the due date. Auto$-$

submission can take up to $10$ minutes.

$($b$)$

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