ABC Wine Company uses a perpetual inventory system and reported the following purchases and sales data for July 2023 for their red wine.

Complete the prompts below by using the FIFO method. Ensure that you are balancing the inventory after each transaction.

Date	Activities	Units Acquired at Cost	Units sold at Retail
July 1	Beginning Inventory	230 @ $11 per bottle
July 3	Purchase	300 @$13 per bottle
July 4	Sales		480 @ $27 per bottle
July 17	Purchase	160 @ $12 per bottle
July 24	Sales		180 @ $27 per bottle
July 28	Purchase	300 @ $13.50 per bottle
July 31	Sales		160 @$29 per bottle
Totals		990 bottles Cost $12,400	$22,460

1. Using the FIFO Method, determine the cost of inventory sold (COGS) on July 4 as well as the balance of the remaining inventory as of July 4.

1. Record the appropriate journal entries for the July 4^th sale. Reflect back on how much the bottles were sold to the customer for.

1. Using the FIFO Method, determine the cost of inventory sold (COGS) on July 24 as well as the balance of the remaining inventory as of July 24

1. Record the appropriate journal entries for the July 24th sale. Reflect back on how much the bottles were sold to the customer for.

1. Using the FIFO Method, determine the cost of inventory sold (COGS) on July 31 as well as the balance of the remaining inventory as of July 31