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Inland Equipment Sales, Inc., sells hand-held engine analyzers to automotive service shops. Inland Equipment Sales Inc started November with an invertory of 55 units that cost total of 8,470. Dung the month, Inland Equipment Sales, no purchased and sold merchandise on account as follows: (Click the icon to view the transactions) Inland Equipment Sales Inc uses the average cost method, Cash payments on account totaled $19,900. Operating expenses for the month at $13.500, of which two-truds were paid in cash and the rest accrued as Accounts Payable Rand the equirements Requirement 1. Prepare a perpetual inventory record using average cost. Round the average unit cost to the nearest cent and all other amounts to the nearest do Start by entering the opening inventory balance. Enter the transactions in chronological order, calculating new inventory on hand balances that each transaction Once to the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased sold, and on hand at the end of the period (Round the verge unit cost to the nearest and the amounts to the nearest dollar) Purchases Cost of goods sold Inventory on hand Data Table Unit Total Un Total Unit Total Date Qty Cost Cost Oty Cost Cost Cost Cost Nov 6 Purchased 1053168 Nov 13 Sold 90 unts @ $510 10 Purchased 70 units a 12 25 Sold 40 310 20 Sold 35 units 3310 Oy Print Done Enter any number in the edit folds and then click Check Answer wer Clear All - i Requirements ear sac rag 1. Prepare a perpetual inventory record using average cost. Round the average unit cost to the nearest cent and all other amounts to the nearest dollar. 2. Prepare a multi-step income statement for Inland Equipment sales, Inc., for the month of November. Print Done