The Lyric carries a large inventory of guitars and other musical instruments. The store uses the FIFO method and a perpetual inventory system. Company records indicate the following for a particular line of guitars that sell for $1,800 each. Date November 1 November 6 November 8 Item Balance Quantity 3 Unit Cost $1,000 Sale 1 November 17 November 30 Purchase Sale- Purchase 12 5932 4 7 $932 Prepare the perpetual inventory record. In this step, work on the inventory on hand. Start by entering the opening balance of inventory. Enter the transactions for the purchases and sales in chronological order. When entering sales, enter the oldest cost in the first line. Be sure to calculate the balance after each transaction. (Use parentheses or a minus sign in front of the quantity and the total cost when those numbers are subtracted from inventory.) Date Quantity Unit Cost Total Cost Required Prepare a perpetual inventory record for the guitars. Then, determine the amounts The Lyric should report for ending inventory and cost of goods sold under the FIFO method. Balance Balance Balance Ending Inventory Now, determine the cost of goods sold. Make the entries in chronological order Date Quantity Unit Cost Total Cost Total