Question: Mikes Powersports uses the FIFO inventory method. Mikes Powersports started August with 10 helmets that cost $54 each. On August 19, Mike's Powersports bought 15

Mike’s Powersports uses the FIFO inventory method. Mike’s Powersports started August with 10 helmets that cost $54 each. On August 19, Mike's Powersports bought 15 helmets at $56 each. On August 28, Mike’s Powersports sold 12 helmets. Four units were taken from the batch of the beginning inventory and 8 units from the purchase on August 19.

Prepare a perpetual inventory record for Mike’s Powersports.

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