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

 

10/1 Balance: 2,000 uts. @ $5.00/ut

10/5 Purchased: 5,000 uts. @ $5.25/ut

10/10 Purchased: 8,000 uts. @ $5.50/ut

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

10/15 Purchased: 4,000 uts. @ $5.75/ut

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

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

b. Make the required journal entry on 10/5 for the FIFO method.

c. Make the required journal entry on 10/12 for the FIFO method.

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