Sarasota 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 $18.60 each
	20		Purchase		160 units at $16.60 each
	27		Sale		100 units at $20.80 each

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

a) Assume Sarasota uses a periodic system. Prepare 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 is 110 units.

b) Calculate gross profit using the periodic system.

Gross profit / (loss)

$ Gross profit or loss in dollars

c) Assume Sarasota uses a perpetual system. Prepare all July journal entries.

d) Assume Sarasota uses a perpetual system. Prepare all July journal entries.

e) Calculate gross profit using the perpetual system.

Gross profit / (loss) $ Gross profit or loss in dollars