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Assume Hobart Distributors uses the FIFO cost method for valuing inventories. The company uses a perpetual inventory system.

Required

Prepare a perpetual inventory record, at FIFO cost, for this merchandise.

Make journal entries to record the company's transactions.

Requirement $1.$ Prepare a perpetual inventory record, at FIFO cost, for this merchandise. $($Enter the oldest inventory layer first.$)$

$\backslash$table$[[$UNITS$],[,$Purchases$],[,$Quantity,Uni,ost,Tota,Cost$],[$June $10,30,$$$,360,$$$,10,800],[$June $22,88,,390,,34,320],[$Ending$,118,,,$$$,45,120]]$

$\backslash$table$[[$UNITS$],[,$Cost of Goods Sold$],[,$Quantity,Unit Cost,Total Cost$],[$June $15,36,350,12600],[$June $15,9,330,2970],[$June $29,4,,],[$June $29,,,],[$Ending$,,,]]$

Transactions

$\backslash$table$[[$June $10,$Purchased $30$ units on account at $$360.],[$June $15,$Sold $45$ units on account at $$680$