Wicked Wild Company is a service based company that rents canoes for use on local lakes and rivers during 2018. In addition to rental serices at the beginning of January 2019, Wicked Wild Company decided to carry and sell T-shirts with its logo printed on them. Wicked Wild Company uses the perpetual inventory system to account for the inventory. During February 2019, Wicked Wild Company completed the following merchandising transactions: (Click the icon to view the transactions.) Read the requirements Requirement 1. Assume Wicked Wild Company began February with 50 T-shirts in inventory that cost $13 each. Prepare the perpetual inventory records for February using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. We will complete the schedule for the first five dates in this step, the next five dates in the following step, and so on. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases More Info Unit Total Cost of Goods Sold Unit Total Quantity Cost Cost Inventory on Hand Unit Total Quantity Cost Cost Date Quantity Cost Cost Feb Feb. 500 7 2 Sold 40 T-shirts at $24 each. 5 Purchased 80 T-shirts at $14 each. 7 Sold 50 T-shirts for $24 each. 8 Sold 35 T-shirts for $24 each. 10 Wicked Wild Company realized the inventory was running low, so it placed a rush order and purchased 40 T-shirts. The premium cost for these shirts was $15 each. 12 Placed a second rush order and purchased 65 T-shirts at $15 each. 13 Sold 40 T-shirts for $24 each. 15 Purchased 80 T-shirts for $14 each. 20 In order to avoid future rush orders, purchased 190 T-shirts. Due to the volume of the order, Wicked Wild Company was able to negotiate a cost of $13 each. 21 Sold 20 T-shirts for $24 each. 22 Sold 60 T-shirts for $24 each. 24 Sold 50 T-shirts for $24 each. 25 Sold 60 T-shirts for $24 each. 27 Sold 50 T-shirts for $24 each. Requirements 1. Assume Wicked Wild Company began February with 50 T-shirts in inventory that cost $13 each. Prepare the perpetual inventory records for February using the FIFO inventory costing method. 2. Provide a summary for the month, in both units and dollars, of the change inventory in the following format: Number of T-shirts Dollar Amount Print Done Beginning Balance Add: Purchases Less: Cost of Goods Sold Ending Balance Print Done