Ayayai Corporation sells one product, with information for July as follows: July 1 Inventory 100 units at $15.00 each 4 Sale 80 units at $18.00 each 11 Purchase 150 units at $16.00 each 13 Sale 120 units at $18.50 each 20 Purchase 160 units at $16.00 each 27 Sale 100 units at $19.00 each Ayayai uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales. New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is partially correct. Assume Ayayai 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 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 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date July 4 enter an account title Accounts Receivable enter a debit amount 1440 enter a credit amount enter an account title Sales Revenue enter a debit amount enter a credit amount 1440 choose a transaction date July 11 enter an account title Purchases enter a debit amount 2400 enter a credit amount enter an account title Accounts Payable enter a debit amount enter a credit amount 2400 choose a transaction date July 13 enter an account title Accounts Receivable enter a debit amount 2220 enter a credit amount enter an account title Sales Revenue enter a debit amount enter a credit amount 2220 choose a transaction date July 20 enter an account title Purchases enter a debit amount 2560 enter a credit amount enter an account title Accounts Payable enter a debit amount enter a credit amount 2560 choose a transaction date July 27 enter an account title Accounts Receivable enter a debit amount 1900 enter a credit amount enter an account title Sales Revenue enter a debit amount enter a credit amount 1900 July 31 enter an account title Inventory enter a debit amount enter a credit amount enter an account title Cost of Goods Sold enter a debit amount enter a credit amount enter an account title Purchases enter a debit amount enter a credit amount 4960 eTextbook and MediaAssistance Used List of Accounts New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is incorrect. Calculate gross profit using the periodic system. Gross profit / (loss) $enter Gross profit or loss in dollars eTextbook and MediaAssistance Used List of Accounts New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is partially correct. Assume Ayayai uses a perpetual system. Prepare all July journal entries. (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 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date July 4 enter an account title to record sales on account Accounts Receivable enter a debit amount 1440 enter a credit amount enter an account title to record sales on account Sales Revenue enter a debit amount enter a credit amount 1440 (To record sales on account) choose a transaction date July 4 enter an account title to record cost of goods sold Cost of Goods Sold enter a debit amount 1200 enter a credit amount enter an account title to record cost of goods sold Inventory enter a debit amount enter a credit amount 1200 (To record cost of goods sold) choose a transaction date July 11 enter an account title Inventory enter a debit amount 2400 enter a credit amount enter an account title Accounts Payable enter a debit amount enter a credit amount 2400 choose a transaction date July 13 enter an account title to record sales on account Accounts Receivable enter a debit amount 2220 enter a credit amount enter an account title to record sales on account Sales Revenue enter a debit amount enter a credit amount 2220 (To record sales on account) choose a transaction date July 13 enter an account title to record cost of goods sold Cost of Goods Sold enter a debit amount enter a credit amount enter an account title to record cost of goods sold Inventory enter a debit amount enter a credit amount (To record cost of goods sold) choose a transaction date July 20 enter an account title Inventory enter a debit amount 2560 enter a credit amount enter an account title Accounts Payable enter a debit amount enter a credit amount 2560 choose a transaction date July 27 enter an account title to record sales on account Accounts Receivable enter a debit amount 1900 enter a credit amount enter an account title to record sales on account Sales Revenue enter a debit amount enter a credit amount 1900 (To record sales on account) choose a transaction date July 27 enter an account title to record cost of goods sold Cost of Goods Sold enter a debit amount 1600 enter a credit amount enter an account title to record cost of goods sold Inventory enter a debit amount enter a credit amount 1600 (To record cost of goods sold) eTextbook and Media List of Accounts New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is incorrect. Calculate gross profit using the perpetual system. Gross profit / (loss) $enter Gross profit or loss in dollars?