i - X Data Table Jul 1 Beginning inventory 8 Purchase 15 Purchase 26 Purchase 5 units @ $160 = $ 800 3 units @ $160 = 480 10 units @ $ 170 = 1,700 4 units @ $180 = 720 The physical count of inventory at July 31 indicates that seven units of inventory are on hand. Print Done Suppose a technology company's inventory records for a particular computer chip indicate the following at July 31: (Click the icon to view the inventory information.) Required 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 $305 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 determined. Labe each item in the account. 4. Show the computation of cost of goods sold by the cost-of-goods-sold model