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

 

7/1 Balance: 5,000 uts. @ $6.60/ut

7/8 Purchased: 7,500 uts. @ $7.00/ut

7/12 Purchased: 8,600 uts. @ $7.20/ut

7/18 Sold 15,000 uts. for $12.00 ea.

7/20 Purchased: 7,000 uts. @ $7.60/ut

7/22 Sold 8,000 units for $12.50/ut

.

Required: 16

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

UTS	COST	TOT	UTS	COST	TOT	UTS	COST	TOT
10

b. Make the required journal entry on 7/8.

DATE	ACCOUNT	DR	CR

2

c. Make the required journal entry on 7/18.

DATE	ACCOUNT	DR	CR
6