Required Joumalize the folowing for the periodic sysient 1. Total Joly purthases in one iumenary entry Al purchases are on credt. 2. Total July sains in a summary entry. Asmume that the seling price was $275 per unit and that at sales were on owedit. 4. Show the oomputatiga of cost of goods soly by the cost-of-goods-sold model. Journalize the following for the periodic system: 1. Total July purchases in one summary entry. All purchases are on credit. 2. Total July sales in a summary entry. Assume that the selling price was $275 per unit and that all sales were on credit. 3. July 31 entries for inventory. The company uses weighted-average cost. Post to the Cost of Goods Sold T-account to show how this amount is de 4. Show the computation of cost of goods sold by the cost-of-goods-sold model. Requirement 2. Journalize the total July sales in a summary entry. Assume that the selling price was $275 per unit and that all sales were on credi. Requirement 3. Joumalize the July 31 entries for inventory. The company uses weighted-average cost. Begin by closing out beginning inventory. Required Joumalize the following for the periodic system: 1. Total July purchases in one summary entry. All purchases are on credit 2. Total July sales in a summary entry. Assume that the selling price was $275 per urit and that all sales were on credi. 3. July 31 entries for inventory. The company uses weighted-average cost. Post to the Cost of Goods Sold T-acoount to show hew this ancunt is dete 4. Show the computation of cost of goods sold by the cost-of-goods-sold model. Requirement 3. Joumalize the July 31 entries for inventory. The company uses weighted-aversge cost. Journalize the following for the periodic system: 1. Totai July purchases in one summary entry. All purchases are on credit. 2. Total July sales in a summary entry. Assume that the selling price was $275 per unit and that all sales were on credit. 3. July 31 entries for inventory. The company uses weighted-average cost. Post to the Cost of Goods Sold T-account to show how this an 4. Show the computation of cost of goods sold by the cost-of-goods-sold model. Next adiust ending inventory. Now close out purchases tor the penoo. Post te the Cost of Goods Scld T-account to show how this amount is detecmined. Label each item in the account. 4. Show the computation of cost of goods sold by the cost-of-goods-sold model. Requirement 4. Compute cost of goods sold by the cost-of-goods-sold model. Required Joumalize the folowing for the periodic sysient 1. Total Joly purthases in one iumenary entry Al purchases are on credt. 2. Total July sains in a summary entry. Asmume that the seling price was $275 per unit and that at sales were on owedit. 4. Show the oomputatiga of cost of goods soly by the cost-of-goods-sold model. Journalize the following for the periodic system: 1. Total July purchases in one summary entry. All purchases are on credit. 2. Total July sales in a summary entry. Assume that the selling price was $275 per unit and that all sales were on credit. 3. July 31 entries for inventory. The company uses weighted-average cost. Post to the Cost of Goods Sold T-account to show how this amount is de 4. Show the computation of cost of goods sold by the cost-of-goods-sold model. Requirement 2. Journalize the total July sales in a summary entry. Assume that the selling price was $275 per unit and that all sales were on credi. Requirement 3. Joumalize the July 31 entries for inventory. The company uses weighted-average cost. Begin by closing out beginning inventory. Required Joumalize the following for the periodic system: 1. Total July purchases in one summary entry. All purchases are on credit 2. Total July sales in a summary entry. Assume that the selling price was $275 per urit and that all sales were on credi. 3. July 31 entries for inventory. The company uses weighted-average cost. Post to the Cost of Goods Sold T-acoount to show hew this ancunt is dete 4. Show the computation of cost of goods sold by the cost-of-goods-sold model. Requirement 3. Joumalize the July 31 entries for inventory. The company uses weighted-aversge cost. Journalize the following for the periodic system: 1. Totai July purchases in one summary entry. All purchases are on credit. 2. Total July sales in a summary entry. Assume that the selling price was $275 per unit and that all sales were on credit. 3. July 31 entries for inventory. The company uses weighted-average cost. Post to the Cost of Goods Sold T-account to show how this an 4. Show the computation of cost of goods sold by the cost-of-goods-sold model. Next adiust ending inventory. Now close out purchases tor the penoo. Post te the Cost of Goods Scld T-account to show how this amount is detecmined. Label each item in the account. 4. Show the computation of cost of goods sold by the cost-of-goods-sold model. Requirement 4. Compute cost of goods sold by the cost-of-goods-sold model