Nixon Distributors purchases inventory in crates of merchandise. Assume the company began April with an inventory of 32 units that cost $320 each. During the month, the company purchased and sold merchandise on account as shown: (1) JClick the icon to view the transactions.) Assume Nixon Distributors uses the FIFO cost method for valuing inventories. The company uses a perpetual inventory system. Cash payments on account totalled $19,000. Company operating expenses for the month were $22,000. The company paid one-half in cash, with the rest accrued as Accounts Payable. Required 1. Prepare a perpetual inventory record, at FIFO cost, for this merchandise. 2. Make journal entries to record the company's transactions. Requirement 1. Prepare a perpetual inventory record, at FIFO cost, for this merchandise. (Enter the oldest inventory layer first.) More info 1. (Click the icon to view the transactions.) Assume Nixon Distributors uses the FIFO cost method for valuing inventories. The company use inventory system. Cash payments on account totalled $19,000. Company operating expenses for $22,000. The company paid one half in cash, with the rest accrued as Accounts Payable. Required 1. Prepare a perpetual inventory record, at FIFO cost, for this merchandise. 2. Mahe joumal entries to record the company's transactions. 00. The company paid one-half in cash, with the rest accrued as Accounts Payable. uired epare a perpetual inventory record, at FIFO cost, for this merchandise. ake journal entries to record the company's transactions. vill start by preparing the journal entry for the first purchase on April 10th: Purchased 30 units at $340. ord debits first, then credits. Exclude explanations from journal entries.)