- / 1 Question 5 of 10 Culver Corporation sells one product, with information for July as follows: July 1 Inventory 4 Sale 11 Purchase 100 units at $16.00 each 80 units at $19.00 each 150 units at $16.20 each 120 units at $18.60 each 160 units at $17.40 each 13 Sale 20 Purchase 27 Sale 100 units at $20.60 each Culver uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sale Assume Culver uses a periodic system. Prepare all journal entries needed, including the end-of-month adjusting entry to rece cost of goods sold. A physical count indicates that the ending Inventory for July is 110 units. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem) ey.com/was/u1/v2/assessment-player/index.htmine ter 8 -/1 uestion 5 of 10 Debit Credit Date Account Titles and Explanation July 31 Calculate gross profit using the periodic system. Gross profit/(loss) $ Debit Credit Date Account Titles and Explanation (To record sales on account) I (To record cost of goods sold) (To record sales on account) (To record cost of goods sold) (To record sales on account) (To record cost of goods sold) Calculate gross profit using the perpetual system, Gross profit/(loss) $