Ayayal Corporation sells one product, with information for July as follows: July 1 4 11 13 20 27 Inventory Sale Purchase Sale Purchase Sale 100 units at $15.00 each 80 units at $18.00 each 150 units at $16.00 each 120 units at $18.50 each 160 units at $16.00 each 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. 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 outomatically 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.) Cundit Calculate gross profit using the periodic system. Gross profit/(loss) $ e Textbook and Media List of Accounts Vie Assume Ayayal 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 for the amounts Record journal entries in the order presented in the problem) Qu Calculate gross profit using the perpetual system. Gross profit/(loss) $