P6-348 Hobart Sign Company began with an inventory of 50 signs that cost a total of S1,500. Hobart purchased and sold merchandise on account as follows: Purchase 1....60 signs$35 Sale 0 signs@$60 Purchase 29 signs@$40 Sale270 signs @ $70 Hobart uses the FIFO cost method. Cash payments on account totaled $5,000. Operating expenses were $2,700; Hobart paid two-thirds in cash and accrued the rest as Accounts Payable Requirements 1. Prepare a perpetual inventory record, at FIFO cost, for this merchan- dise. (pp. 315-317) 2. Make journal entries to record the company's transactions. (pp. 315-317