Nature Gnome Company is a service based company that rents canoes for use on local lakes and rivers during 2018. In addition to rental serices, at the beginning of January 2019, Nature Gnome Company decided to carry and sell T-shirts with its logo printed on them. Nature Gnome Company uses the perpetual inventory system to account for the inventory. During February 2019, Nature Gnome Company completed the following merchandising transactions:

Requirements:

1.

Assume Nature Gnome Company began February with 110 T-shirts in inventory that cost $13 each. Prepare the perpetual inventory records for

February using the FIFO inventory costing method.

2.

Provide a summary for the month, in both units and dollars, of the change in inventory in the following format:

	Number of T-shirts	Dollar Amount
Beginning Balance
Add: Purchases
Less: Cost of Goods Sold
Ending Balance

Feb.	2		Sold 70 T-shirts at $24 each.
	5		Purchased 50 T-shirts at $15 each.
	7		Sold 60 T-shirts for $24 each.
	8		Sold 10 T-shirts for $24 each.
	10		Nature Gnome Company realized the inventory was running low, so it placed a rush order and purchased 25 T-shirts. The premium cost for these shirts was $16 each.
	12		Placed a second rush order and purchased 45 T-shirts at $16 each.
	13		Sold 25 T-shirts for $24 each.
	15		Purchased 50 T-shirts for $15 each.
	20		In order to avoid future rush orders, purchased 220 T-shirts. Due to the volume of the order, Nature Gnome Company was able to negotiate a cost of $13 each.
	21		Sold 60 T-shirts for $24 each.
	22		Sold 20 T-shirts for $24 each.
	24		Sold 15 T-shirts for $24 each.
	25		Sold 40 T-shirts for $24 each.
	27		Sold 10 T-shirts for $24 each.

This is urgent can someone help me as soon as possible? I would really appreciate it. thank you!