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

Jan. $1$ Inventory $119$ units at $$4$ each

$4$ Sale $98$ units at $$8$ each

$11$ Purchase $141$ units at $$6$ each

$13$ Sale $111$ units at $$9$ each

$20$ Purchase $160$ units at $$6$ each

$27$ Sale $95$ units at $$11$ each

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.$)$