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. Required Date Apr 1 Item Quantity Unit Cost Balance 5 $1,000 6 Sale 3 8 Purchase 11 $936 17 Sale 4 30 Purchase 6 $936 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. d then continue to the next question t C C (0 complete) This Quiz: 100 pts poss Prepare the perpetual inventory record. Start by entering the opening balance of inventory. Enter the transactions 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 Apr Bal. Bal. Bal LL prt sc home 512 end F12 insert * 3 The Lyric carries a large inventory of gulars 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 gutars Date Apr 1 Item Balance Quantity Unit Cost 5 $1,000 6 Sale 3. Purchase 11 5936 17 Sale 4 30 Purchase 6 $936 Ba Bal Required Prepare a pepetual invertory record for the guitars. Then determine the amounts The Lyric should report for ending inventory and cost of goods sold under the FIFO method End. Inv Now, determine the cost of goods sold. Make the entries in chronological order Quantity Unit Cost Total Cost Enter any number in the edit fields and then continue to the next question Apr Total