Refer to the data for Fish n'Fly in E6-15. Assume that all of Fish n'Fly's sales are for cash and all of its purchases are on account.
In E 6-15

Instructions
(a) Record the purchases and sales for Fish n'Fly in a perpetual inventory system under (1) FIFO and (2) average.
(b) Record the purchases and sales for Fish n'Fly in a periodic inventory system under (1) FIFO and (2) average.

Units 25 Unit Purchase Price $295 Date Transaction Unit Sales Price July1 Beginning inventory 10 Purchase 12 Sale 13 Purchase 25 Sale 27 Purchase (42) 35 (45) $450 460 310