Tree Top Company is a service based company that rents canoes for use on local lakes and rivers during 2018. In addition to rental serices, at the beginning of January 2019. Tree Top Company decided to carry and sell T-shirts with its logo printed on them. Tree Top Company uses the perpetual inventory system to account for the inventory. During February 2019, Tree Top Company completed the following merchandising transactions: Click the icon to view the transactions.) Read the requirements Requirement 1. Assume Tree Top Company began February with 120 T-shirts in inventory that cost $4 each. Prepare the perpetual inventory records for February using the FIFO inventory costing method Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. We will complete the schedule for the first five dates in this step, the next five dates in the following step, and so on. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Feb 1 2 5 Feb. 2 Sold 60 T-shirts at $12 each. Feb. 5 Purchased 40 T-shirts at $5 each. Feb. 7 Sold 65 T-shirts for $12 each. Feb. 8 Sold 10 T-shirts for $12 each. Tree Top Company realized the inventory was running low, so it placed a rush order and Feb. 10 purchased 35 T-shirts. The premium cost for these shirts was $8 each. Feb. 12 Placed a second rush order and purchased 55 T-shirts at $8 each. Feb. 13 Sold 35 T-shirts for $12 each. Feb. 15 Purchased 40 T-shirts for $5 each. In order to avoid future rush orders. purchased 200 T-shirts. Due to the volume of the order. Tree Feb. 20 Top Company was able to negotiate a cost of $4 each. Feb. 21 Sold 60 T-shirts for $12 each. Feb. 22 Sold 40 T-shirts for $12 each. Feb. 24 Sold 15 T-shirts for $12 each. Feb. 25 Sold 40 T-shirts for $12 each. Feb. 27 Sold 30 T-shirts for $12 each. Requirements - X 1. Assume Tree Top Company began February with 120 T-shirts in inventory that cost $4 each. Prepare the perpetual inventory records for February using the FIFO inventory costing method. 2. Provide a summary for the month, in both units and dollars, of the change in inventory in the following format: Number of T-shirts Dollar Amount Beginning Balance Add: Purchases Less: Cost of Goods Sold Ending Balance