Requirement $2.$ Journalize for High Life total July sales and cost of goods sold in two summary entries, under the perpetual system. The selling price was $$600$ per unit and all sales were on credit. Assume that High Life uses the FIFO inventory method. $($Record debits first, then credits. Exclude explanations from any journal entries.$)$

Let's start by recording the entry for July sales. Do not yet record the cost related to the sale. We will do this in the next journal entry.

Journal Entry

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