E6-2 Elmo's Music carries a large inventory of guitars and other musical instruments. The store uses the FIFO method and a perpetual inventory system. Company records indicate the following for a particular line of guitars that sell for $1,600 each: Date Item Quantity Unit Cost May 1 Balance 5 $900 6 Sale 3 8 Purchase 10 840 17 Sale 4 30 Purchase 5 840 1. Required 2. Prepare a perpetual inventory record for the guitars. Then determine the amounts Elmo's Music should report for ending inventory and cost of goods sold under the FIFO method. Measuring ending inventory and cost of goods sold in a perpetual system-FIFO Cost of goods sold, $6,180