1. A company reported the current month purchase and sales data for its only product and uses the perpetual inventory system and allocates costs using the FIFO method. All purchases and sales are made on credit with the companys vendors and customers.

Date	Activities	Units Acquired at Cost	Units Sold at Sales Price
April 1	Beginning Inventory	175 units @ $ 15.00
April 4	Purchase	150 units @ $ 16.00
April 7	Sale		160 units @ $ 30.00
April 10	Purchase	200 units @ $ 17.00
April 16	Sale		250 units @ $ 30.00
April 25	Purchase	160 units @ $ 18.00
April 28	Sale		150 units @ $ 32.00

Using the attached T-account template (or prepare an equation presentation):

1. document the beginning inventory balance, labeling it BAL and
2. prepare the entries to recognize the purchases and sales of inventory
3. document the ending balance in the T-accounts (or in the proper column, if using the equation presentation) in the following accounts:

• Accounts Receivable
• Inventory
• Accounts Payable
• Sales
• Cost of Goods Sold (COGS)