Contel DO ACC210 NAME Vicky CHAPTER 8&D DATE A Sonic Stereo uses a perpetual inventory system and maintains an inventory record of each type of product in stock. The company's beginning inventory of a particular product and its purchases and sales during the month of July were as follows: July 1 Balance on hand, 10 units, coat $180 $ 1,800 July 10 Purchase, 20 units, cost $210 4.200 July 23 Sale, 25 units, sales price $300 7,500 July 25 Purchase, 20 units, cost $215 4,300 Required: a Record the beginning inventory, the purchases, the cost of goods sold, and the running balance on the inventory record card below. Use the first-in, first-out (FIFO) method PURCHASED U UC SOLD UC BALANCE UC FIFO DATE TC TC TC U U lo Julyo 210 000 300 7.30p 215 4300 b. Prepare general journal entries to record the purchases and sale in July. Assume that all transactions were on account. Use the first-in, first-out (FIFO) method. JOURNAL DEBIT CREDIT DATE ACCOUNT TITLES Julle