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 $166. Company records indicate the following activity for cameras for the month of July: (Click the icon to view the records.) Read the requirements. 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 Unit Cost of goods sold Inventory on hand Total Qty Cost Cost Qty Unit Cost Cost Total Unit Total Qty Cost Cost 1 7 11 19 28 Requirement 2. Journalize the inventory transactions for Underwater Way, Inc., using the FIFO method. Assume that all purchases and sales are on account. (Record debits first, then credits. Exclude explanations from any journal entries.) July 7: Purchased 11 cameras for $110 per camera. Date Jul 7 Journal Entry Accounts Debit Credit July 11: Sold 14 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 Accounts Debit Credit Date Jul 11 July 11: Sold 14 cameras. Now journalize the cost of the cameras sold. Date Jul 11 Journal Entry Accounts Debit Credit July 19: Purchased 12 cameras for $113 per camera. Date Jul 19 Journal Entry Accounts Debit Credit July 28: Sold 9 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.) Date Journal Entry Accounts Debit Credit Jul 28 July 28: Sold 9 cameras. Now journalize the cost of the cameras sold. Jul Date 28 Journal Entry Accounts Debit Credit Data table Date Item Quantity Unit Cost Jul 1 Balance 8 $ 106 7 Purchase 11 S 110 11 Sale 14 19 Purchase 12 $ 113 28 Sale 9 Print Done 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. 2. Journalize the inventory transactions for Underwater Way, Inc., using the FIFO method. Assume all purchases and sales are on account.