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Jones Distributors purchases inventory in crates of merchandise. Assume the company began September with an inventory of 34 units that cost $305 each. During the month, the company engaged in the following business transactions: i (Click the icon to view the transactions.) Assume Jones Distributors uses the FIFO cost method for valuing inventories. The company uses a perpetual inventory system. Required 1. Prepare a perpetual inventory record, at FIFO cost, for this merchandise. 2. Make journal entries to record the company's transactions. Requirement 1. Prepare a perpetual inventory record, at FIFO cost, for this merchandise. (Enter the oldest inventory layer first.) UNITS Purchases Cost of Goods Sold Inventory on Hand QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Reminning 34 305 10370 Sept. 10 15 22 29 Purchased 34 units on account at $325. Sold 46 units on account at $610. Purchased 78 units on account at $355. Sold 75 units on account at $710. Reported monthly operating expenses of $26,000. The company paid one-third with cash, and the rest was recorded on account. Paid $15,000 of the Accounts Payable balance. 30 30