King Imports is a furniture distributor that uses the FIFO cost method with its perpetual inventory system. The following information is for the first item that it is

selling - bean bag chairs - for the month of November the store engaged in the following business transactions

Required 1: Prepare a perpetual inventory record, at FIFO cost, for the bean bag chair inventory.

2. make journal entries to record the company's transaction

Nov, 1 Opening inventory 50 chairs at $50

Nov. 3 Purchase on account 64 chairs at $65

Nov. 10 Sale on Account 102 chairs at $126

Nov. 22 Purchase on Account 102 chairs at $60

Nov. 28 Operating expenses were $15,000 with one -half paid in cash and the rest reported on account