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.

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