IL. 20) JR Tire Store The company uses a perpetual inventory system. 1) Prepare the company's inventory record using LIFO. 2) Identity cost of goods.sold for the month and the profit of the month. 3) Journalize the transaetions reported the following October purchases and sales data for a line of tires it deals. on October 18 and 26. Date Item Quantity (Units Unit Price $68 65 90 67 91 Oct. 1 Beginning Inventory 10 2 7 Sales 18 Purchase 26 Sales Journalize the following transactions according to the descriptions and requirements: 1. In March, Smith Co. completed the following transactions: Received $10,000 contribution from Bill Alone in exchange for capital. Paid utilities expense of $400. July I Purchased equipment on account, $2,400 21 27 Performed services for a client on account, $3,400 12 The owner, Bill Alone, withdrew $500 cash from the business. Journalize each of the above transactions. 2. KOOL Co. purchases and installs a machine on Jan. 1, 2013 at a cost of $109,000. St