Milton Sales uses the FIFO method with the perpetual inventory system. Enter the following information into the

Question:

Milton Sales uses the FIFO method with the perpetual inventory system. Enter the following information into the inventory record form for product 44BX. Be sure to keep the balance on hand up-to-date.
201X
Aug. 1 Balance on hand: 3 units at a cost of $18.00 each.
2 Purchase 10 units at a cost of $22.00 each.
5 Sold 3 units for $29.00 each. (Remember to use cost and not selling price in the inventory record.)
6 Sold 6 units for $29.00 each.
8 Purchase 10 units at a cost of $26.00 each.