The Turner Company sells a product called TurnUp and uses a perpetual inventory system to account for its merchandise. The beginning balance of TurnUps and transactions during January of this year were as follows:

Jan. 1 Balance: 25 units costing \(\$ 8\) each.

3 Purchased 50 units costing \(\$ 9\) each.

7 Sold 20 units.

19 Sold 15 units.

21 Purchased 30 units costing \(\$ 11\) each.

24 Sold 15 units 29 Sold 32 units.

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1. Under the assumption the concern keeps its records on a FIFO basis, enter the beginning balance and the transactions on a subsidiary inventory record like the one illustrated in this chapter.

2. Under the assumption the concern keeps its inventory records on a LIFO basis, enter the beginning inventory and the transactions on a second subsidiary inventory record.

3. Assume the 32 units sold on January 29 were sold on credit to Sally Rugby at \(\$ 25\) each and prepare general journal entries to record the sale on a LIFO basis.