View Policies Show Attempt History Current Attempt in Progress Sheffield Company sells one product. Presented below is information for January for Sheffield Company Jan. 1 Inventory 117 units at $5 each 4 Sale 94 units at $8 each 11 Purchase 153 units at $7 each 13 Sale 123 units at $9 each 20 Purchase 154 units at $7 each 27 Sale 90 units at $11 each Sheffield uses the FIFO cost flow assumption. All purchases and sales are on account (a) 0.5/1 (c) List of Accounts Attempts: 1 of 3 used Assume Sheffield uses a perpetual system. Prepare all necessary journal entries. (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.) Date Jan. 1 Jan. 4 Account Titles and Explanation (To record the sale) Debit Credit estion 2 of 4 < Jan 1 Jan. 4 Jan 11 Jan. 13 V (To record the sale) (To record the cost of inventory) Jan 13 V (To record the sale) Jan. 20 (To record the cost of inventory) Jan 27 (To record the sale) (Tu round the cost of vintury) Q Search 0.5/1