Wicked Wild Company is a service-based company that rents canoes for use on local lakes and rivers during 2020. In addition to rental services, at the beginning of January 2021, 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 2021, Wicked Wild Company completed the following merchandising transactions: (Click the icon to view the transactions.) Required Requirement 1. Assume Wicked Wild Company began February with 70 T-shirts in inventory that cost $8 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 stro, the next five dates in the following step, and so on. Once all of the transactions have been entered into the pel petual 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 Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Feb. 1 2 5 7 8 Feb. te 2 Sold 60 T-shirts at $12 each. 5 Purchased 80 T-shirts at $10 each. 7 Sold 40 T-shirts for $12 each. 8 Sold 25 T-shirts for $12 each. 10 Wicked Wild Company realized the inventory was running low, so it placed a rush order and purchased 30 T-shirts. The premium cost for these shirts was $13 each. 12 Placed a second rush order and purchased 75 T-shirts at $13 each. 13 Sold 30 T-shirts for $12 each. 15 Purchased 80 T-shirts for $10 each. 20 In order to avoid future rush orders, purchased 140 T-shirts. Due to the volume of the order, Wicked Wild Company was able to negotiate a cost of $8 each. 21 Sold 20 T-shirts for $12 each. 22 Sold 90 T-shirts for $12 each. 24 Sold 55 T-shirts for $12 each. 25 Sold 70 T-shirts for $12 each. 27 Sold 50 T-shirts for $12 each. eb