Exercise 8-15 Marigold Corporation sells one product, with information for July as follows: July1 Inventory 105 units at $17.00 each 93 units at $18.00 each 11 Purchase 151 units at $16.20 each 124 units at $18.90 each 20 Purchase 170 units at $17.30 each 107 units at $19.80 each 4 Sale 13 Sale 27 Sale Marigold uses the FIFO cost formula. All purchases and sales are on account. Assume Marigold uses a periodic system. Prepare all necessary journal entries, including the end-of-month adjusting entry to record cost of goods sold. A physical count indicates that the ending inventory for July is 102 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. Round answers to O decimal places, e.g. 5,275. 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 Marigold 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. Round answers to 0 decimal places, e.g. 5,275. 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 O decimal places, e.g. 5,275) Gross profit/(loss) oSS