Madden Sales uses the FIFO method with the perpetual inventory system. Enter the following information in the inventory record form for product 44BX. Be sure to keep the balance on hand up-to-date.
June 1 Balance on hand: 7 units at a cost of $22 each.
2 Purchased 12 units at a cost of $21 each.
5 Sold 4 units for $30 each. (Remember to use cost and not selling price in the inventory record.)
6 Sold 13 units for $30 each.
8 Purchased 14 units at a cost of $22 each.