Boston Beaches, Inc., carries a line of titanium cameras. Boston Beaches, Inc., uses the average cost method and a perpetual inventory system. The sales price of each camera is $175. Company records indicate the following activity for cameras for the month of July: (Click the icon to view the records.) Read the requirements. Requirement 1. Prepare a perpetual inventory record for the cameras on the average cost basis to determine the cost of ending inventory and cost of goods sold for the month. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Round average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Avg Cost: Jul Date 1 7 11 19 Total 28 Purchases Cost of goods sold Inventory on hand Unit Total Qty Cost Cost Qty Unit Total Cost Unit Total Cost Qty Cost Cost Requirement 2. Journalize the inventory transactions for Boston Beaches, Inc., using the perpetual average cost method. Assume all purchases and sales are on account. (Record debits first, then credits. Exclude explanations from any journal entries.) July 7: Purchased 9 cameras for $107 per camera. Date Jul 7 Journal Entry Accounts Debit Credit July 11: Sold 12 cameras. Begin by journalizing the revenue from the sale of cameras on account. (Do not journalize the cost related to the sale yet. We will do this in the next journal entry.) Journal Entry Date Jul 11 Accounts July 11: Sold 12 cameras. Now journalize the cost of the cameras sold. Date Jul 11 Debit Credit Journal Entry Accounts Debit Credit July 19: Purchased 20 cameras for $109 per camera. Date Jul 19 Journal Entry Accounts Debit Credit July 28: Sold 17 cameras. Begin by journalizing the revenue from the sale of cameras on account. (Do not journalize the cost related to the sale yet. We will do this in the next journal entry.) Journal Entry Jul Date 28 Accounts July 28: Sold 17 cameras. Now journalize the cost of the cameras sold. Jul Date 28 Debit Credit Journal Entry Accounts Debit Credit Data table Date Item Quantity Unit Cost Jul 1 Balance 4 7 Purchase 9 60 69 $ 106 $ 107 11 Sale 12 19 Purchase 20 69 $ 109 28 Sale 17 Print Done 1. Prepare a perpetual inventory record for the cameras on the average cost basis to determine the cost of ending inventory and cost of goods sold for the month. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. 2. Journalize the inventory transactions for Boston Beaches, Inc., using the perpetual average cost method. Assume all purchases and sales are on account.