Assume The Watch Shop began June with an inventory of 20 smart watches that cost $60 each. The Watch Shop sells them for $100 each. During June, The Watch Shop bought and sold inventory as follows. (Click the icon to view the transactions.) Prepare a perpetual inventory record for The Watch Shop under each method. - FIFO - Moving-weighted-average cost Prepare a perpetual inventory record using the FIFO method. (For the inventory on hand columns, list the oldest layer of inventory first. For the cost of goods sold columns, list the first out layer of inventory first.) ssume The Watch Shop began June with an inventory of 20 smart watches that cost $60 each. The Watch Shop sells them for $100 each. During June, The Watch Shop bought and sold inventory as follows (Click the icon to view the transactions.) repare a perpetual inventory record for The Watch Shop under each method. FIFO Moving-weighted-average cost