Toy World began January with an inventory of 20 crates of toys that cost a total of $1,100. During the month, Toy World purchased and sold mer chandise on account as follows: 70 crates @ $70 75 crates @ sale price Purchase 2 Purchase 1 Sale 1 30 crates@ $6S 40 crates sale price Sale 2 of $100 of $110 Toy World uses the LIFO method. Cash payments on account totaled $6,300. Operating expenses for the month were $3,600, with two-thirds paid in cash and the resi accrued as Accounts Payable. Requirements 1. Prepare a perpetual inventory record, at LFO cost, for this merchan dise. (p. 317) 2. Make journal entries to record Toy World's transactions. (p. 317)