Canyon Canoe Company is a service based company that rents canoes for use on local lakes and rivers during 2018, In addition to rental serices, at the beginning of January 2019, Canyon Canoe Company decided to carry and sell T-shirts with its logo printed on them. Canyon Canoe Company uses the perpetual inventory system to account for the inventory. During February 2019, Canyon Canoe Company completed the following merchandising transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Assume Canyon Canoe Company began February with 94 T-shirts in inventory that cost $5 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 Unit Date Quantity Cost Total Cost Quantity Unit Cost Total Inventory on Hand Unit Total Quantity Cost Cost Feb. 1 2 5