Pina ColadaCorporation sells one product, with information for July as follows:

July1Inventory100units at $16.00each

4Sale80units at $20.00each

11Purchase150units at $16.30each

13Sale120units at $18.90each20Purchase160units at $16.90each

27Sale100units at $20.50each

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

AssumePina Coladauses a periodic system. Give 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 is110units.(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 July 4 Accounts Receivable 1600 Sales Revenue 1600 July 11 4 Purchases 2445 Accounts Payable 2445 July 13 4 Accounts Receivable 2268 Sales Revenue 2268 July 20 4 Purchases 2704 Accounts Payable 2704 July 27 4 Accounts Receivable 2050 Sales Revenue 2050 July 31 Inventory Cost of Goods Sold Purchases Inventory\fDate Account Titles and Explanation Debit Credit lJuly4 #1 Accounts Receivable I I 1520 (To record sales on account) Sales Revenue 1520 lJuly4 3! (To record cost of goods sold) Cost of Goods Sold 1280 Inventory I 'Julyil ! Inventory I I 2445 Accounts Payable 2445 I July 13 3! (To record sales on account) Accounts Receivable 2268 I Sales Revenue I I I 2268 July 13 3 E July 20 3 (To record cost of goods sold) Cost of Goods Sold 1950 Inventory l Inventory 2704 I Accounts Payable I I I 2704 July 27 C [1 Accounts Receivable 2050 Sales Revenue l (To record sales on account) July 27 Cost of Goods Sold 1660 Inventory 1660 (To record cost of goods sold) eTextbook and Media List of Accounts Calculate gross profit using the perpetual system. Gross profit / (loss) $