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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,Unit Cost,Total Cost$],[$June $10],[$June $22],[$Ending$,,,]]$

Transactions

$\backslash$table$[[$June $10,$Purchased $30$ units on account at $$360.],[$June $15,$Sold $45$ units on account at $$680.],[$June $22,$Purchased $88$ units on account at $$390.],[$June $29,$Sold $75$ units on account at $$780.],[$June $30,\backslash$table$[[$Reported monthly operating expenses of $$28,000.$ The company$],[$paid one$-$third with cash, and the rest was recorded on account.$]]],[$June $30,$Paid $$23,000$ of the Accounts Payable balance.$]]$

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