Pierce Imports is a furniture distributor that uses the FIFO cost method with its perpetual inventory system. The following information is for the first item that it is selling-bean bag chairs for the month of November. The store engaged in the following business transactions: (Click the icon to view the transactions.) Required 1. Prepare a perpetual inventory record, at FIFO cost for the bean bag chair inventory 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.) x Transactions EE Nov 1. Opening inventory G 66 chairs at S 58 3 Purchase on account 68 chairs at $63 10 Sale on account 104 chairs at s 126 22 Purchase on account 106 chairs at S 68 . 24 Sale on account 8G challs at 5 142 Operating expenses were $9,000, with one-half 28 paid in cash and the rest reported on account CHAIRS Purchases Cost of Goods Sold Inventory on Hand QTY Unit Cost Tot Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot Cost Beginning Nov. 3 Purchase Nov. 10 Sale Nov. 22 Purchase Nov. 24 Sale Ending