IIL. (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 LIFO basis. 2) Identify cost of goods sold for the month and the profit of the month. 3) Journalize the transactions on July 13 and 16. Date Item July1 Beginning Inventory 10 Quantity (Units) Unit Price 2 Purchase 13 Sales 16 Purchase 24 Sales $78 79 95 80 100