Question: Milton Sales uses the FIFO method with the perpetual inventory system. Enter the following information in the inventory record form for product 44BX. Be sure

Milton 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.
201X
Nov. 1 Balance on hand: 5 units at a cost of $20 each.
2 Purchased 9 units at a cost of $23 each.
5 Sold 2 units for $30 each. (Remember to use cost and not selling price in the inventory record.)
6 Sold 11 units for $30 each.
8 Purchased 10 units at a cost of $26 each.

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