Madden Sales uses the FIFO method with the perpetual inventory system. Enter the following information into the

Question:

Madden Sales uses the FIFO method with the perpetual inventory system. Enter the following information into the inventory record form for product 44BX. Be sure to keep the balance on hand up-to-date.
201X
Jan. 1 Balance on hand: 6 units at a cost of $19.50 each.
2 Purchased 14 units at a cost of $21.00 each.
5 Sold 2 units for $31.75 each. (Remember to use cost and not selling price in the inventory record.)
6 Sold 12 units for $31.75 each.
8 Purchased 5 units at a cost of $23.00 each.