Chapter 6 Practice Questions Question 1 of 9 -//1quadvdots-= Current Attempt in Progress At the beginning of the year, Cully Company had 400 units with a cost of $4 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 Purchased 1,000 units on account for $4.50 per unit. 9 Sold 550 units on account for $10 each. 15 Sold 850 units for cash for $10 each. Prepare journal entries to record the January transactions assuming that Cully Company uses a periodic inventory system under (a) FIFO and (b) weighted average. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No