Underwater Wity, Inc., carries a line of tkanium cameras. Underwater Way, Inc., uses the LIFO method and a perpetual inventory system. The sales price of each camera is $175. Comparty 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 on the LIFO basis to determine the cost of ending inventory and cost of goods sold for the month 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. (For cost of goods sold, ender the first layer out under LIFO costing first For inventory on hand, enter the oldest inventory layer first) LIFO Purchases Cost of goods sold Inventory on hand Unit Total- Date Oty Cost Cost Qty Unit Cost Total Unit Total Cost Qty Cost Cost 1 7 Calculator Next