Novak Corporation sells one product, with information for July as follows: July 1 Inventory 100 units at $17.00 each 4 Sale 80 units at $19.00 each 11 Purchase 150 units at $16.00 each 13 Sale 120 units at $18.50 each 20 Purchase 160 units at $17.00 each 27 Sale 100 units at $20.40 each Novak uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales. (a) Your Answer Correct Answer (Used) Assume Novak 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 O 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 July 4 Accounts Receivable Sales Revenue July 11 Purchases Debit Credit 1,520 2,400 Accounts Payable July 13 Accounts Receivable 2,220 Sales Revenue July 20 Purchases Accounts Payable 2,720 July 27 Accounts Receivable 2,040 Sales Revenue July 31 Inventory 170 Cost of Goods Sold 4,950 Purchases 1, 2, 2, 2, 2.1 5, Assume Novak 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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation (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) Debit Credit