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 entry to record cost of goods sold. A physical count indicates that the ending inventory for July is 110 units. (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) July 13 Accounts Receivable 2,232 Sales Revenue July 20 Purchases 2,656 Accounts Payable July 27 Accounts Receivable 2,080 Sales Revenue July 31 Inventory 226 Cost of Goods Sold 4,875 Purchases Calculate gross profit using the periodic system. Gross profit / (loss) \$ eTextbook and Media Assume Sarasota uses a perpetual system. Prepare all July journal entries. (Credit account titles are automatically indented whe amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts all debit entries before credit entries. Record journal entries in the order presented in the problem.) Question 3 of 5 July 11 July 13 (To record sales on account) July 20 v (To record cost of goods sold) July 27 Question 3 of 5 0.28/1 (To record cost of goods sold) July 27 July 31 (To record sales on account) July 31 (To record cost of goods sold) eTextbook and Media (To record cost of goods sold)