Mullen 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.

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201X 1 Balance on hand:7 units ata cost of $19.00 each. 2 Purchased 14 units at a cost of $23.00 each. 5 Sold 3 units for $31.25 each. (Remember to use cost and not selling price in the inventory record.) Jan. 6 Sold 12 units for $31.25 each. 8 Purchased 14 units at a cost of $22.00 each.