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

Flounder 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.

Assume Flounder 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. List all debit entries before credit entries. Record journal entries in the

order presented in the problem.$)$