Creative Kaos Store carries a large inventory of guitars. The store uses the FIFO method and a perpetual inventory system. Company records indicate the following for a particular line of guitars:

May $1$: Balance $5$ guitars Unit Cost $=$ $$900$

May $6$: Sale $3$ guitars

May $8$: Purchase $10$ guitars Unit Cost $=$ $$840$

May $17$: Sales $4$ guitars

May $30$: Purchase $5$ guitars Unit Cost $=$ $$840$

Required: Prepare a perpetual inventory record for the guitars. Then determine that amounts Creative Kaos Store should report for ending inventory and cost of goods sold under the FIFO method.

Required: Journalize Creative Kaos Store$$s May $8$ purchase of inventory on account and the cash sale on May $17($sales price of each guitar was $$1,600).$