The Lyric carries a large inventory of guitars and other musical instruments. The storo uses the FIFO method and a perpetuat inventory system. Company records indicate the following for a particular line of guitars that sell for $1,700 each. Required Prepare a perpetual inventory record for the guitars. Then, delermine the amounts The Lyric should report for ending inventory and cost of goods sold under the FIFO method. Prepare the perpetual imventory record. in this stop, 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, enfer 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.)