Part 1 of 6 The Lyric carries a large inventory of guitars and other musical instruments. The store uses the FIFO method and a perpetual inventory system Company records indicate the following for a particular line of guitars. Date Item Quantity Unit Cost Jun 1 Balance 3 $1,060 6 Sale 1 8 Purchase 11 $990 17 Sale 4 30 Purchase $990 Prepare the balance of in entering sale the balance front of the subtracted Date Jun 9 Required Prepare a perpetual inventory record for the guitars Then determine the amounts The Lyric should report for ending inventory and cost of goods sold under the FIFO method .. save ts The records Prepare the perpetual inventory record Start by entering the opening balance of inventory Enter the transactions in chronological order When entering sales, enter the oldest cost in the first line Be sure to calculate the balance after each transaction (Use parentheses or a minus sign in front of the quantity and the total cost when those numbers are subtracted from inventory.) Date Quantity Unit Cost Total Cost Jun 9 | Incorr amounts the