Requirement 1. Prepare perpetual inventory records for January for Dean using the FIFO inventory costing method. (Note: You must calculate the cost of goods sold on the 18th, 28th, and 31st.) Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Units Total Units Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jan. 7 18 22 Totals 28 31 Cash Bal. 22,150 Accounts Payable Service Revenue 1,050 Bal. 0 Bal. Accounts Receivable Unearned Revenue Rent Expense Bal. 3,700 2,500 Bal. Bal. Office Supplies Salaries Payable Utilities Expense Bal. 150 450 Bal. Bal. 0 Equipment Bal. 2,100 Common Stock Supplies Expense 22,000 Bal. Bal. 0 Accumulated Depr.-Equipment Retained Earnings Salaries Expense 35 Bal. 2,950 Bal. Bal. 0 Furniture Bal. 900 Accumulated Depr.-Furniture 15 Bal. Dividends Bal. Depreciation Expense-Equipment Bal. Bal. Depreciation Expense-Furniture 0 Jan. 2 Completed a consulting engagement and received cash of $7,500. 2 Prepaid three months office rent, $9,000. 7 Purchased 65 units software inventory on account, $1,630, plus freight in, $60. 18 Sold 40 software units on account, $3,520. 19 Consulted with a client for a fee of $1,500 on account. 20 Paid employee salaries, $1,350, which includes accrued salaries from December. 21 Paid on account, $1,700. 22 Purchased 180 units software inventory on account, $5,220. 24 Paid utilities, $300. 28 Sold 90 units software for cash, $5,400. 31 Recorded the following adjusting entries: a. Accrued salaries expense, $450 b. Depreciation on Equipment, $35; Depreciation on Furniture, $15 c. Expiration of prepaid rent, $3,000 d. Physical count of software inventory, 107 units