Smart Lighting, an LED bulb superstore, uses the FIFO method for valuing inventories. It began January with 54 units of an inventory item that cost $170 each. During January, the store completed these inventory transactions: (Click the icon to view the transactions.) Required 1. Prepare a perpetual inventory record for this item. 2. Determine the store's cost of goods sold for January 3. Compute gross margin for January Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost CHOIR QTY Unit Cost Tot. Cost 541 1701 9180 Jan. 1 Jan. 3 41 170|| 6970 13 170 2210|| Transactions 13 Jan. 8 92 1721 15824 Unit Cost Unit Sale Price $284 Units 41 92 66 14 Jan. 3 Sale. 8 Purchase 21 Sale 30 Purchase $172 Jan. 21 $294 $180 Jan. 30 Ending Print Done Requirement 2. Determine the store's cost of goods sold for January. The cost of goods sold is Requirement 3. Compute gross margin for January. Sales Cost of goods sold = Gross margin