II. (20') JR Tire Store reported the following July purchases and sales data for a line of tires it deals. The company uses a perpetual inventory system. 1) Prepare the company's inventory record on FIFO basis. 2) Identify cost of goods sold for the month and the profit of the month. 3) Journalize the transactions on July 16, 24 and 24. Date Item Quantity (Units) Unit Price $78 79 95 80 100 July I Beginning Inventory 10 13 Sales 16 Purchase 24 Sales 27 Return of the sales 3 On July 24