II. FIFO costs under perpetual inventory system from exercise 6-7 The following units of an item were available for sale during the year Beginning inventory 7,200 units at $160 Sale 4,800 at $300 First purchase 16,000 at $168 Sale 12,000 units at $300 Second purchase 15.000 units at $176 Sale 11,000 units at $300 The firm uses the perpetual inventory system, and there are 10,400 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to FIFO ONLY. Also, what is the cost of the goods sold for the year. Please use the attached inventory form, and calculate the COST only on the form. Body Text Heading List Para... 1 No Spac. Norma a lera Paragraph Styles Problem: Taylor & Co., had a balance per books of $16.190.95. The bank statement indicated a balance of$21,016.30, as of October 31, 2003. Reconciliation items are: a. Checks outstanding, $5169.75 b. Deposit on transit totals, $4189.40 c. Bank collected a note for Taylor totaling $4,500, of which $500 is interest d. A check issued by Taylor to Kaiser & Co. for $2,850 was incorrectly recorded for $2,580 e. A check drawn for 11375, was incorrectly charged by the b for $1735 f Bank service charges for the month were $25 1. Prepare a bank reconciliation 2. Journalize the necessary entries Additions to Cash Deductions to Cash