Marigold Corporation sells one product, with information for July as follows:
July 1'	Inventory	100 units at $17.00 each
4	Sale	80 units at $18.00 each
11	Purchase	150 units at $16.20 each
13	Sale	120 units at $18.90 each
20	Purchase	160 units at $17.30 each
27	Sale	100 units at $19.80 each
Marigold uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales.
1. Assume Marigold 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.
Date	Account Titles and Explanation	Debit	Credit
04-Jul
11-Jul
13-Jul
20-Jul
27-Jul
31-Jul
2. Calculate gross profit using the periodic system.
Gross profit / (loss)		$
3. Assume Marigold uses a perpetual system. Prepare all July journal entries.
	(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)
4.Gross profit / (loss)		$