Golden Lake Company is a service based company that rents canoes for use on local lakes and rivers during 2024. In addition to rental serices, at the beginning of January 2025, Golden Lake Company decided to carry and sell T-shirts with its logo printed on them. Golden Lake Company uses the perpetual inventory system to account for the inventory. During February 2025, Golden Lake Company completed the following merchandising transactions:

Feb. 2

Sold 40 T-shirts at $23 each.

Feb. 5

Purchased 50 T-shirts at $10 each.

Feb. 7

Sold 70 T-shirts for $23 each.

Feb. 8

Sold 15 T-shirts for $23 each.

Feb. 10

Golden Lake Company realized the inventory was running low, so it placed a rush order and purchased 30 T-shirts. The premium cost for these shirts was $11 each.

Feb. 12

Placed a second rush order and purchased 65 T-shirts at $11 each.

Feb. 13

Sold 30 T-shirts for $23 each.

Feb. 15

Purchased 50 T-shirts for $10 each.

Feb. 20

In order to avoid future rush orders, purchased 200 T-shirts. Due to the volume of the order, Golden Lake Company was able to negotiate a cost of $9 each.

Feb. 21

Sold 25 T-shirts for $23 each.

Feb. 22

Sold 100 T-shirts for $23 each.

Feb. 24

Sold 5 T-shirts for $23 each.

Feb. 25

Sold 40 T-shirts for $23 each.

Feb. 27

Sold 70 T-shirts for $23 each.

Requirement 1. Assume Golden Lake Company began February with 100 T-shirts in inventory that cost $9 each. Prepare the perpetual inventory records for February using the FIFO inventory costing method.

Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. We will complete the schedule for the first five dates in this step, the next five dates in the following step, and so on. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)

	Purchases			Cost of Goods Sold			Inventory on Hand
		Unit	Total		Unit	Total		Unit	Total
Date	Quantity	Cost	Cost	Quantity	Cost	Cost	Quantity	Cost	Cost
Feb. 1
2
5
7
8