Use the data in Exercise.

Jul 1 Beginning inventory ............... 5 units @ $59 = $295

8 Purchase................................. 3 units @ $59 = 177

15 Purchase................................. 13 units @ $69 = 897

26 Purchase................................. 1 units @ $79 = 79

Requirements

Journalize the following for the periodic system:

1. Total July purchases in one summary entry. All purchases were on credit.

2. Total July sales in a summary entry. Assume that the selling price was $295 per unit and that all sales were on credit.

3. July 31 entries for inventory. Halton uses LIFO. 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.