Exercise 8-14 Sarasota Corporation sells one product, with information for July as follows: July 1 Inventory 4 Sale 11 Purchase 13 Sale 20 Purchase 27 Sale 100 units at $16.00 each 80 units at $20.00 each 150 units at $16.30 each 120 units at $18.60 each 160 units at $16.60 each 100 units at $20.80 each Sarasota uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales. Your answer is partially correct. Try again. Assume Sarasota 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 July 31 Calculate gross profit using the periodic system. (Round answer to O decimal places, e.g. 5,275.) Gross profit / (loss) Assume Sarasota 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 o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record sales on account) (To record cost of goods sold) (To record sales on account) (To record cost of goods sold) (To record sales on account) (To record cost of goods sold) Calculate gross profit using the perpetual system. (Round answer to 0 decimal places, e.g. 5,275.) Gross profit / (loss) $