Requirements

Prepare Washington Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method.

Journalize the October $16$ purchase of merchandise inventory on account and the October $31$ sale of merchandise inventory on account.

Requirement $1.$ Prepare Washington Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method.

Abbreviation used: $QTY=$ Quantity; Tot $=$ Total$)$

Washington Cycles

$\backslash$table$[[$Date$,$Purchases,Cost of Goods Sold,Inventory on Hand$],[$QTY$,$Unit Cost,Tot. Cost,QTY$,$Unit Cost,Tot. Cost,QTY$,$Unit Cost,Tot. Cost$],[$Oct$.1,,,,,,,5,48,240],[$Oct$.16,30,55,$S $1,650,,,,,=,]]$