E62 Elmos 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

Required

Prepare a perpetual inventory record for the guitars. Then determine the amounts Elmos Music should report for ending inventory and cost of goods sold under the FIFO method.