Hobart Sign Company began with an inventory of 50 signs that cost a total of $1, 500. Hobart purchased and sold merchandise on account as follows. Hobarr uses the FIFO cost method. Cash payments on account ($5,000. Operating expenses were $2, 700; Hobart pair two cash and accrued the rest as Accounts Payable. Prepare a perpetual inventory record, at FIIFO cost, for this merchandise. Make journal entries to record the company's transactions