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. Correct answer iconYour answer is correct. Assume Sheffield 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 117 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.)

Solution:

Jan. 4        Accounts Receivable752

                                        Sales Revenue (94 X $8)752

Jan. 11       Purchases ($153 X $7)1071

                                         Accounts Payable1071

Jan. 13      Accounts Receivable861

                                      Sales Revenue (123 X $9)861

Jan. 20         Purchases (154 X $7)1,078

                                        Accounts Payable1,078

Jan. 27       Accounts Receivable990

                                      Sales Revenue (90 X 11)990

Jan 11           Inventory ($7 X 117)819

               Cost of Goods Sold816

                                         Purchases ($752 + $1071)1,823

                                          Inventory (117 X $5)585

*($585 + $1,823 – $819)

Sales Revenue ($752 + $861 + $990)$2,603

Cost of goods sold816

Gross profit$1787

answer; ///i believe the best answer from the above question is (c) a method of making a purchase by trading items instead of using money; plz check first.good luck