Underwater Way, Inc., carries a line of titanium cameras. Underwater Way, Inc., uses the FIFO method and a perpetual inventory system. The sales price of each camera is $177. Company records indicate Requirement 1. Prepare a perpetual inventory record for the cameras to determine the amount Underwater Way, Inc., should report for ending inventory and cost of goods sold using the FIFO method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) FIFO: Jul Date Total Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Unit Total Qty Cost Cost Qty Cost Cost Qty Cost Cost 1 12 94 1128 7 14 95 1330 12 94 1128 12 95 1330 11 12 95 1330 10 94 940 2 94 188 19 18 96 1728 2 94 188 18 96 1728 28 Data table $ Unit Cost Date Item Quantity Jul 1 Balance 12 FA 7 Purchase 14 GA 11 Sale 22 19 Purchase 18 $ 28 Sale 17 Print Done 94 95 96 96 - July 7: Purchased 14 cameras for $95 per camera. Jul Date 7 Journal Entry Accounts Debit Credit July 11: Sold 22 cameras. Begin by journalizing the revenue from the sale of cameras on account. (Do not journalize the cost related to the sale yet. We will do this in the next journal entry.) Journal Entry Jul Date 11 Accounts Debit Credit July 11: Sold 22 cameras. Now journalize the cost of the cameras sold. Date Jul 11 Journal Entry Accounts Debit Credit July 19: Purchased 18 cameras for $96 per camera. Jul Date 19 Journal Entry Accounts Debit Credit Begin by journalizing the revenue from the sale of cameras on account. (Do not journalize the cost related to the sale yet. We will do this in the next journal entry.) Date Jul 28 Journal Entry Accounts July 28: Sold 17 cameras. Now journalize the cost of the cameras sold. Jul Date 28 Debit Credit Journal Entry Accounts Debit Credit