Onsil specializes in designer watches and leather goods. Assume Onsil began June holding 10 wristwatches that cost $50 each. During June, Onsil bought and sold inventory as follows:

Jun 3 Sold 8 units for $100 each

Jun 16 Purchased 10 units for $56 each

Jun 23 Sold 8 units for $100 each

Requirements:

1. Prepare a perpetual inventory record for Onsil using FIFO method.

2. Journalize all of Onsil's inventory transactions for June.

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