E: (Click the icon to view the records.) Read the requirements. hand at the end of the period. (Enter the oldest inventory layers first.) July 11: Sold 14 cameras. Begin by journalizing the revenue from the sale of cameras on account. (Do not joumalize the cost related to the sale yet. We will do this in the next joumal entry.) Now joumalize the cost of the cameras sold. Data table 1. Prepare a perpetual inventory record for the cameras to determine the amount Underwater Way, Inc., should report for ending inventory and cost of goods sold using the FIFO method. 2. Journalize the inventory transactions for Underwater Way, Inc., using the FIFO method. Assume all purchases and sales are on account