Sarasota Corporation sells one product, with information for July as follows: Sarasota uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales. Assume Sarasota uses a periodic system. Prepare all journal entries needed, including the end-of-month adjusting ent cost of goods sold. A physical count indicates that the ending inventory for July is 110 units. (Credit account titles are au indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles ar the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Accounts Payable July 13v Accounts Receivable Sales Revenue July 20 Purchases Accounts Payable July 27 Accounts Receivable Sales Revenue July 31 v Inventory Cost of Goods Sold 4,875 Calculate gross profit using the periodic system. Gross profit/ (loss) \$ List of Accounts Assume Sarasota uses a perpetual system. Prepare all July journal entries. (Credit account titles are automatically indented wher 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. all debit entries before credit entries. Record journal entries in the order presented in the problem.) Question 3 of 5 (To record sales on account) July 4 Cost of Goods Sold Q 1,280 Inventory (To record cost of goods sold) July 11 Inventory Accounts Payable July 13 Accounts Receivable 2,445 Sales Revenue (To record sales on account) July 13 Cost of Goods Sold Inventory Assignment 8 Question 3 of 5 0.52/1 (To record sales on account) July 13 Cost of Goods Sold 1,950 Inventory (To record cost of goods sold) July 20 Inventory 2,656 Accounts Payable July 27 Accounts Receivable 2,080 Sales Revenue (To record sales on account) July 27 Cost of Goods Sold 1,645 Inventory (To record cost of goods sold) (e) Calculate gross profit using the perpetual system. Gross profit/(loss) . \$