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 $285 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. Label each item in the account. 4. Show the computation of cost of goods sold by the cost-of-goods-sold model. Requirement 2. Journalize the total July sales in a summary entry. Assume that the selling price was $285 per unit and that all sales were on credit. Journal Entry Requirement 3. Journalize the July 31 entries for inventory. The company uses weighted-average cost. Begin by closing out beginning inventory. Next adjust ending inventory. Now close out purchases for the period. Post to the Cost of Goods Sold T-account to show how this amount is determined. Label each item in the account. Cost of Goods Sold End bal Reauirement 4. Combute cost of aoods sold bv the cost-of-goods-sold model. Data table The physical count of inventory at July 31 indicates that five units of inventory are on hand