Using T-accounts, record the transactions that occurred during 2014.

Harriet's began 2014 with 500 hats which had a cost of $8 each. Employees physically counted 525 hats remaining in the warehouse at the end of 2014. Harriet's uses a periodic LIFO inventory system to cost their inventory. The following purchases (all on account) were made during 2014:

(1) Jan 15th - 405 hats @ $10 each

(2) March 23rd - 310 hats @ $12 each

(3) July 2nd - 525 hats @ $14 each

(4) October 31st - 430 hats @ $15 each