Garret's Corner, Inc., carries a line of titanium watches. Garret's Corner, Inc., uses the FIFO method and a perpetual inventory system. The sales price of each watch is $180. Company records indicate the following activity for watches for the month of July: (Click the icon to view the records.) Read the requirements. Requirement 1. Prepare a perpetual inventory record for the watches to determine the amount Garret's Corner, Inc., should report for ending inventory and cost of goods sold using the FIFO method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) FIFO: Jul Date Purchases Cost of goods sold Inventory on hand Unit Qty Cost Total Cost Unit Total Unit Total Qty Cost Cost Qty Cost Cost 1 9 $ 104 $ 936 7 Date Item Quantity Unit Cost Jul 1 Balance 9 $ 104 7 Purchase 8 69 $ 106 11 Sale 12 19 Purchase 19 $ 111 28 Sale 8 1. Prepare a perpetual inventory record for the watches to determine the amount Garret's Corner, Inc., should report for ending inventory and cost of goods sold using the FIFO method. 2. Journalize the inventory transactions for Garret's Corner, Inc., using the FIFO method. Assume all purchases and sales are on account