Blue Spruce Corporation sells one product, with information for July as follows:

July	1		Inventory		100 units at $15.00 each
	4		Sale		80 units at $20.00 each
	11		Purchase		150 units at $16.20 each
	13		Sale		120 units at $18.60 each
	20		Purchase		160 units at $17.40 each
	27		Sale		100 units at $19.90 each

Blue Spruce uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales.

1. Assume Blue Spruce 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. Calculate gross profit using the periodic system.

2. Assume Blue Spruce uses a perpetual system. Prepare all July journal entries. Calculate gross profit using the perpetual system.