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

July	1		Inventory		100 units at $16.00 each
	4		Sale		80 units at $20.00 each
	11		Purchase		150 units at $16.30 each
	13		Sale		120 units at $18.70 each
	20		Purchase		160 units at $17.30 each
	27		Sale		100 units at $19.40 each

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

1.Assume Bramble 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.) 2.Calculate gross profit using the periodic system.

3.Assume Bramble 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.) 4.Calculate gross profit using the perpetual system.