E9-10 Picker's Paradise carries a large inventory of guitars and other musical instruments. Because each item is expensive. Picker's uses a perpetual inventory system. Company records indicate the following for a particular line of Honeydew guitars: Date Item May 1 Balance 6 Sale. 8 Purchase 17 Sale. 30 Sale. Quantity 5 Unit Cost $95 3 11 83 4 1 Required Determine the amounts that Picker's should report for ending inventory and cost of goods sold by the FIFO method. Prepare the perpetual inventory record for the guitars, using Exhibit 9-9 as a guide.