Review the facts on Innovation Cycles in Short Exercise 6-3.

Requirement

1.Prepare a perpetual inventory record for the average-cost method. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar.

Data From Shot Exercise 6-3:

Innovation Cycles uses the FIFO inventory method. Innovation started March with 10 bicycles that cost \($60\) each. On March 16, Innovation bought 20 bicycles at \($70\) each. On March 31, Innovation sold 25 bicycles.