Calla Canoe Company is a service based company that rents canoes for use on local lakes and rivers during 2024. In addition to rental serices, at the beginning of January 2025, Calla Canoe Company decided to carry and sell T-shirts with its logo printed on them. Calla Canoe Company uses the perpetual inventory system to account for the inventory. During February 2025, Calla Canoe Company completed the following merchandising transactions:

Feb. 2

Sold 50 T-shirts at $22 each.

Feb. 5

Purchased 90 T-shirts at $5 each.

Feb. 7

Sold 45 T-shirts for $22 each.

Feb. 8

Sold 45 T-shirts for $22 each.

Feb. 10

Calla Canoe Company realized the inventory was running low, so it placed a rush order and purchased 60 T-shirts. The premium cost for these shirts was $6 each.

Feb. 12

Placed a second rush order and purchased 65 T-shirts at $6 each.

Feb. 13

Sold 60 T-shirts for $22 each.

Feb. 15

Purchased 90 T-shirts for $5 each.

Feb. 20

In order to avoid future rush orders, purchased 230 T-shirts. Due to the volume of the order, Calla Canoe Company was able to negotiate a cost of $3 each.

Feb. 21

Sold 15 T-shirts for $22 each.

Feb. 22

Sold 100 T-shirts for $22 each.

Feb. 24

Sold 35 T-shirts for $22 each.

Feb. 25

Sold 70 T-shirts for $22 each.

Feb. 27

Sold 20 T-shirts for $22 each.

Requirement 1. Assume Calla Canoe Company began February with 60 T-shirts in inventory that cost $3 each. Prepare the perpetual inventory records for February using the FIFO inventory costing method.

Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. We will complete the schedule for the first five dates in this step, the next five dates in the following step, and so on. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)

	Purchases			Cost of Goods Sold			Inventory on Hand
		Unit	Total		Unit	Total		Unit	Total
Date	Quantity	Cost	Cost	Quantity	Cost	Cost	Quantity	Cost	Cost
Feb. 1
2
5
7
8