Austin€™s Jewelers carries a line of waterproof watches. Austin€™s Jewelers uses the FIFO method and a perpetual inventory system. The sales price of each watch is $175. Company records indicate the following activity for waterproof watches for the month of March:

Requirements
1. Prepare a perpetual inventory record for the waterproof watches to determine the amount Austin€™s Jewelers should report for ending inventory and cost of goods sold using the FIFO method.
2. Journalize Austin€™s Jewelers€™ inventory transactions using the FIFO method. Assume that all purchases and sales are on account.

Transcribed Image Text:

Date Mar 1 Balance Item QuantityUnit Cost 96 S 98 7 Purchase 11 Sale 19 Purchase 28 Sale 10 12 15 10 $104