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FIFO & LIFO Perpetual Inventory Journal Entries: The following information is taken from the records of Chi Co. Chi Co. uses a perpetual inventory system. Quantity 18 Unit Cost $4.20 $4.40 Transaction Beginning inventory Purchase Sale Purchase Sale Sale Purchase Sale Date Oct 1 12 20 10 15 $4.50 14 17 21 24 31 $4.70 4 Prepare journal entries for each of the transactions above (Oct. 6 through Oct. 31), first assume FIFO as the inventory cost flow assumption and then repeat the entries with LIFO. After completing the journal entries, total the ending balance for cost of goods sold and inventory for each cost flow assumption. Assume a sales price of $8 for all units