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Pronghorn Corporation sells one product, with information for July as follows: Pronghorn uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales. Assume Pronghorn uses a periodic system. Prepare all journal entries needed, including the end-of-month adjusting entry to record cost of goods sold. A physical count indicates that the ending inventory for July is 110 units. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. Record journal entries in the order presented in the problem.) July 31 I Calculate gross profit using the periodic system. Gross profit / (loss) $ Assume Pronghorn uses a perpetual system. Prepare all July journal entries. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter of for the amounts. Record joumal entries in the order presented in the problem) (To record cost of goods sold) (To record sales on account) (To record cost of goods sold) (To record cost of goods sold) (To record sales on account) (To record cost of goods sold)