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Question 4 You are given the following information for Oriole Company. All transactions are settled in cash. Oriole uses a perpetual inventory system and the weighted average cost formula. Increased competition has reduced the price of the product. Date Transaction Units Unit Price July 1 Beginning inventory 25 $15 5 Purchase 55 14 8 Sale (70) 29 15 Purchase 55 13 20 Sale (55) 26 25 Purchase 10 12 Prepare the required journal entries for the month of July for Oriole Company. ( Round the weighted average cost per unit and final answers to two decimal places, e.g. 52.75 and 5,275.50. 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.)Date Account Titles and Explanation Debit Credit July 5 (To record purchase on account) July 8 (To record sale) July 8 (To record cost of goods) July 15 (To record purchase on account) July 20 (To record sale) July 20 (To record cost of goods) July 25Determine the ending inventory for Oriole. (Round answer to 2 decimal places, e.g. 5,275.50.) Ending inventory SHOW LIST OF ACCOUNTS On July 31, Oriole Company learns that the product has a net realizable value of $13 per unit. Prepare the journal entry, if required, to recognize the decrease in value of this product. (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.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS What amount should the ending inventory be valued at on the July 31 balance sheet? What amount should the cost of goods sold be valued at on the July income statement? (Round answers to 2 decimal places, e.g. 5,275.50.) Ending inventory Cost of goods sold $