Pina Colada Corporation sells one product, with information for July as follows:
| July | 1 | | Inventory | | 100 units at $16.00 each | |
| | 4 | | Sale | | 80 units at $20.00 each | |
| | 11 | | Purchase | | 150 units at $16.30 each | |
| | 13 | | Sale | | 120 units at $18.90 each | |
| | 20 | | Purchase | | 160 units at $16.90 each | |
| | 27 | | Sale | | 100 units at $20.50 each | |
Pina Colada uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales.
Assume Pina Colada 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 0 for the amounts. Record journal entries in the order presented in the problem.) | Date | Account Titles and Explanation | Debit | Credit | | choose a transaction date July 1July 4July 11July 13July 20July 27July 31 | enter an account title to record sales on account | enter a debit amount | enter a credit amount | | | enter an account title to record sales on account | enter a debit amount | enter a credit amount | | | (To record sales on account) | | | | choose a transaction date July 1July 4July 11July 13July 20July 27July 31 | enter an account title to record cost of goods sold | enter a debit amount | enter a credit amount | | | enter an account title to record cost of goods sold | enter a debit amount | enter a credit amount | | | (To record cost of goods sold) | | | | choose a transaction date July 1July 4July 11July 13July 20July 27July 31 | enter an account title | enter a debit amount | enter a credit amount | | | enter an account title | enter a debit amount | enter a credit amount | | choose a transaction date July 1July 4July 11July 13July 20July 27July 31 | enter an account title to record sales on account | enter a debit amount | enter a credit amount | | | enter an account title to record sales on account | enter a debit amount | enter a credit amount | | | (To record sales on account) | | | | choose a transaction date July 1July 4July 11July 13July 20July 27July 31 | enter an account title to record cost of goods sold | enter a debit amount | enter a credit amount | | | enter an account title to record cost of goods sold | enter a debit amount | enter a credit amount | | | (To record cost of goods sold) | | | | choose a transaction date July 1July 4July 11July 13July 20July 27July 31 | enter an account title | enter a debit amount | enter a credit amount | | | enter an account title | enter a debit amount | enter a credit amount | | choose a transaction date July 1July 4July 11July 13July 20July 27July 31 | enter an account title to record sales on account | enter a debit amount | enter a credit amount | | | enter an account title to record sales on account | enter a debit amount | enter a credit amount | | | (To record sales on account) | | | | choose a transaction date July 1July 4July 11July 13July 20July 27July 31 | enter an account title to record cost of goods sold | enter a debit amount | enter a credit amount | | | enter an account title to record cost of goods sold | enter a debit amount | enter a credit amount | | | (To record cost of goods sold) | | | | | | |
| Calculate gross profit using the perpetual system. | Gross profit / (loss) $enter Gross profit or loss in dollars | | | |
