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

July1Inventory100 units at $16.00 each

4Sale80 units at $19.00 each

11Purchase150 units at $16.20 each

13Sale120 units at $18.60 each20Purchase160 units at $17.40 each

27Sale100 units at $20.60 each

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

Assume Culver 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.)

Calculate gross profit using the periodic system.

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Assume Culver 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.)

Calculate gross profit using the perpetual system.