IV. (22) JR Tire Store reported the following October 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 using FIFO. 2) Identify cost of goods sold for the month and the profit of the month. 3). Journalize the transactions on October 18 and 26. Date Item Quantity (Units) Unit Price Oct. 1 Beginning Inventory $86 80 7 Sales 160 18 Purchase 26 Sales 160 ON 90