The Music carries a large inventory of guitars and other musical instruments. The store uses the FIFO method and a perpelual inventory system. Company records Prepare the perpetual inventory record In this step, wark on the indicate the following for a particular line of guitars that sell for $1,700 each. inventory on hand. Start by entering the opening balance of imentory. Enter the transactions for the purchases and sales in chionological order. When entering sales, enter the oldest cost in the first line. Be sure to calculale the balance atter each transaction. (Use parentheses or a minus sign in front of the quantity and the total cost when those numbers are subtracted from inventory.) Required Prepare a perpetual inventory record for the guilars. Then, determine the amounts The Music should report for ending inventory and cost of goods sold under the FIFO method Now, determine the cost of goods sold. Make the entries in chronological order