Accrual accounting versus cash basis accounting. Hazel \& Euglenia Grocery Inc. purchased inventory in June 2008 for \(\$ 100,000\) cash to sell in June and July. The company sold merchandise that cost \(\$ 60,000\) in June and the remainder in July. What is the cost of goods sold for June and for July 2008 if Hazel \& Euglenia uses GAAP? What is the cost of goods sold for June and for July 2008 if Hazel \& Euglenia uses cash basis accounting? (LO 4)