Determine Trumpana ending inventory and cost of goods sold under the FIFO perpetual basis.

Begin by preparing Trumpana perpetual inventory record under the first-in, first-out (FIFO) method for the year.

Transaction	Units		Sales in Units		Unit Cost		Total Cost
Beginning inventory 1/1	2,500				$53		$132,500
Purchases
March 30	3,000				68		204,000
July 15	850				76		64,600
September 1			3,600
Total available for sale	6,350						$401,100
Units sold September 1	(3,600)
Ending inventory	2,750

FIFO:					Cost of	Cost of
	Units	Unit	Total	Units	Goods Sold	Goods	Inventory
Transaction	Purchased	Cost	Cost	Sold	Per Unit	Sold	Balance
Beginning inventory 1/1
Purchase - March 30
Purchase - July 15
Sale - September 1