Prepare a perpetual inventory record for Wild Wheels, Inc, for the month of December. Wild Wheels, Inc, uses the FIFO inventory costing method.

They started the month with an inventory of 20 bikes at $550 each. This is what I have so far, but I'm not sure if I'm going about it the right way.

During the month of December 2012 Wild Wheels, Inc., had the following transactions: Purchased 10 mountain bikes for $575 each from Slickrock Bicycle, co., on account. Terms, 2/15, n/45, FOB destination. Sold 14 mountain $1,100 each on account to Allsport, Inc. Terms, 3/10, n/30, FOB destination. Paid $ 175 freight charges to deliver goods to Allsport, Inc