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 Date Item Quantity Unit Cost Jun 1 Balance 5 $940 6 Sale 3 8 Purchase 12 $880 17 Sale 4 30 Purchase 7 $880 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 Enter any number in the edit fields and then continue to the next question. 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 Jun A Bal Bal Bal. End Inv. Now, determine the cost of goods sold. Make the entries in chronological order. Date Quantity Unit Cost Total Cost Jun Total