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Canyon Canoe Company is a service based company that rents canoes for use on local lakes and rivers during 2024. In addition to rental serices, at the beginning of January 2025, Canyon Canoe Company decided to carry and sell T-shirts with its logo printed on them. Canyon Cance Company uses the perpetual inventory system to account for the inventory. During February 2025. Canyon Cance Company completed the following merchandising transactions: (Click the icon to view the transactions.) Read the requirements Requirement 1. Assume Canyon Cance Company began February with 94 T-shirts in Inventory that cost $5 each. Prepare the perpetual Inventory records for February using the FIFO Inventory costing method. Enter the transactions in chronological order, calculating new Inventory on hand balances after each transaction. We will complete the schedule for the first five dates in this step, the next five dates in the following step, and so on. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Unit Total Unit Total Inventory on Hand Unit Total Quantity Cost Cost Date Quantity Cost Cost More Info Quantity Quantity Cost Cost Feb. 1 2 5 7 8 Requirements Feb. 2 Sold 60 T-shirts at $10 each Feb. 5 Purchased 50 T-shirts at $8 each. Feb. 7 Sold 45 T-shirts for $10 each. Feb. 8 8 Sold 20 T-shirts for $10 each. Feb. 10 Canyon Cance Company realized the inventory was running low, so it placed a rush order a purchased 20 T-shirts. The premium cost for these shirts was $7 each. Feb. 12 Placed a second rush order and purchased 40 T-shirts at $7 each. Feb. 13 Sold 20 T-shirts for $10 each Feb. 15 Purchased 50 T-shirts for $6 each. T- Feb. 20 In order to avoid future rush orders, purchased 150 T-shirts. Due to the volume of the order, Canyon Cance Company was able to negotiate a cost of $5 each. Feb. 21 Sold 40 T-shirts for $10 each. Feb. 22 Sold 35 T-shirts for $10 each. Feb. 24 Sold 20 T-shirts for $10 each. Feb. 25 Sold 45 T-shirts for $10 each. Feb. 27 Sold 40 T-shirts for $10 each T. 1. Assume Canyon Canoe Company began February with 94 T-shirts in inventory that cost $5 each. Prepare the perpetual inventory records for February using the FIFO inventory costing method. 2. Provide a summary for the month, in both units and dollars, of the change in inventory in the following fomnat: Number of T-shirts Dollar Amount Beginning Balance Add: Purchases Less: Cost of Goods Sold Ending Balance ( Pint) Print Done