PR 7-1A FIFO perpetual inventory The beginning inventory at Continental Office Supplies and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 50 $20.00 $1,000 7 Purchase 200 22.00 4,400 20 Sale 90 40.00 3,600 30 Sale 110 40.00 4,400 Feb. 8 Sale 20 44.00 880 10 Purchase 130 23.00 2,990 27 Sale 90 42.00 3,780 28 Sale 50 45.00 2,250 Mar. 5 Purchase 180 24.00 4,320 13 Sale 90 50.00 4,500 23 Purchase 100 26.00 2,600 30 Sale 80 50.00 4,000