Underwater Way, Inc, carries a line of ttanium cameras. Underwater Way, InG, uses the LIFO method and a perpetual inventory syshem. The sales price of each camera is $188 Company records indicate the folilowing acsivity for cameras for the morth of July E (Cick the icon to view the records.) Read the requirements Requirement 1.Prepare a perpetual inventory record for the cameras on the LIFO basis to detemine the cost of ending inventory and cost of goods sold Hor the Start by entering the beginning inventory balances Enter the transactions in chronological order, caloulating new inventory on hand balances afer each transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inwentory purchased, sold, and on hand at the end af the period. (For oost of goods sold, enter the frst layer oul under LIFO oosting Srst. For inventory on hand, enter the oldest inventory layer first.) Inventory on hand Unit Total Unit Total Unit Total te oty Coat Cont Oy Coat CosyCot Cost Total Requirement 2. Journalize the inventory transactions for Underwater Way, Inc. using he perpetual LIFO method. Assume all purchases and saies are on account Record debilts first, then credits. Exclude explanations from any joumal entries July 7: Purchased 9 cameras for $104 per camera Journal Entry Date Accounts Credit July 11: Sold 15 cameras Begin by joumalizing the revenue from the sale of cameras on account. (Do not joumalize the cost related to the sale yex. We will do this in the next jounal entry ) Journal Entry Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next