i Transactions - X Jul. 10 15 22 29 31 Purchased 36 units on account at $325. Sold 45 units on account at $610. Purchased 74 units on account at $355. Sold 85 units on account at $710. Reported monthly operating expenses of $20,000. The company paid one-third with cash, and the rest was recorded on account. Paid $17,000 of the Accounts Payable balance. 31 Print Done King Distributors purchases inventory in crates of merchandise. Assume the company began July with an inventory of 32 units that cost $305 each. During the month, the company engaged in the following business transactions: (Click the icon to view the transactions.) Assume King Distributors uses the FIFO cost method for valuing inventories. The company uses a perpetual inventory system. Required 1. Prepare a perpetual inventory record, at FIFO cost, for this merchandise 2. Make journal entries to record the company's transactions Requirement 1. Prepare a perpetual inventory record, at FIFO cost, for this merchandise. (Enter the oldest inventory layer first.) UNITS Purchases Cost of Goods Sold Inventory on Hand QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Beginning || Jul. 10 15 22 29 Ending