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

July $1$ Inventory $100$ units at $$17\mathrm{.}00$ each

$4$ Sale $80$ units at $$18\mathrm{.}00$ each

$11$ Purchase $150$ units at $$16\mathrm{.}20$ each

$13$ Sale $120$ units at $$18\mathrm{.}90$ each

$20$ Purchase $160$ units at $$17\mathrm{.}30$ each

$27$ Sale $100$ units at $$19\mathrm{.}80$ each

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

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. $($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.$)$

Date

Account Titles and Explanation

Debit

Credit

Calculate gross profit using the periodic system.

Gross profit $/($loss$)$