Boston Beaches, Inc., carries a line of titanium cameras. Boston Beaches, Inc., uses the LIFO 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 LIFO basis to determine the cost of ending inventory and cast of goods sold for the month. 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. (For cost of goods sold, enter the first layer out under LIFO costing first. Fur inventory on hand, enter the oldest inventory layer first.) x LIFO: | Purchases Total Cost of goods sold Inventory on hand Unit Date Qty Coat Cast Qty Coat Unit Total Cost Unit Total Qty Cost Coat 4 Jul 1 106 7 16 108 1720 11 19 11 110 1210 4 106 Data table Date Item 1 Balance Quantity 4 Unit Cost $ 106 7 Purchase 18 $ 108 11 Sale 18 19 Purchase 11 $ 110 28 Sale 8 28 Total 27 2938 Print Done Requirement 2. Journalize the inventory transactions for Boston Beaches, Inc., using the perpetual LFO method. Assume all purchases and sales are on account. (Record debits first, then credits. Exclude explanations from any journal entries.) July 7: Purchased 16 cameras for $108 per camera. Date Jul 7 Journal Entry Accounts Debit Credit July 11: Said 18 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