United Technologies manufactures high-technology products used in the aviation and other industries. Perhaps its most famous product is the Pratt \& Whitney aircraft engine. Assume the following data for United Technologies' product SR450:

\section*{Required}
1. Prepare a perpetual inventory record for product SR450, using the FIFO method.
2. Assume that United Technologies sold the 160 units on April 7 on account for \(\$ 13\) each. Record the sale and related cost of goods sold in the general journal under the FIFO method.
3. Suppose the current replacement cost of the ending inventory of product SR450 is \(\$ 305\) at December \(31,19 \times 2\). Use the answer to Requirement 1 to compute the lower-of-cost-ormarket (LCM) value of the ending inventory.

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Purchased Sold Dec. 31, 19X1 Feb. 10, 19X2 80 @ $6 = $480 Apr. 7 160 May 29 1107 770 July 13 120 Oct. 4 Nov. 22 100 @ 9-900 80 Balance 110 @ $5-$550