4. Itco uses a perpetual inventory system. During the month of October the following transactions took place:

10/1 Balance: 2,000 uts. @ $6.00/ut

10/5 Purchased: 5,000 uts. @ $6.35/ut

10/10 Purchased: 8,000 uts. @ $6.50/ut

10/12 Sold 12,000 uts. for $10.00 ea.

10/15 Purchased: 4,000 uts. @ $6.75/ut

10/22 Sold 5,000 uts. for $10.00 ea.

Required:

a. Complete the perpetual inventory record (provided) for the above transactions using the FIFO valuation system.

b. Make the required journal entry on 10/5.

c. Make the required journal entry on 10/12.

d. Complete the perpetual inventory record (provided) for the above transactions using the LIFO valuation system.