$2.$ As this is a new store, merchandise has been purchased on account to sell at the store. The information below relates to the purchase and sales of the new products.

Use the perpetual inventory method with the FIFO valuation method. Please see the $$Milestone Inventory$$ tab in your workbook for purchase and sales information.

August $25$: Purchased $15$ golf club sets for $$240$ each to sell at the store from vendor A$,$ on account with terms of $1/10$ net $60.$

September $16$: Purchased $25$ bicycles for $$75$ each to sell at the store from vendor B$,$ on account with terms of $1/10$ net $60.$

September $24$: Paid $$750$ toward merchandise from vendor A$.$

September $30$: Recorded impact of sales transaction on COGS and the inventory asset.

October $18$: Paid $$650$ toward merchandise from vendor B$.$

October $25$: Paid remaining payable for merchandise from vendor A$.$

October $26$: Purchased $25$ more golf club sets for $$250$ each to sell at the store from vendor A$,$ on account with terms of $1/10$ net $60.$

October $31$: Recorded impact of sales transaction on COGS and the inventory asset.

November $10$: Paid remaining payable for merchandise from vendor B$.$

November $16$: Purchased $35$ more bicycle sets for $$85$ to sell at the store each from vendor on account with terms of $2/10$ net $30.$

November $20$: Paid vendor B in full and took advantage of the discount $($offset COGS$).$

November $30$: Recorded impact of sales transaction on COGS and the inventory asset.

December $10$: Paid $$4500$ toward payable for merchandise from Vendor A$.$

December $31$: Recorded impact of sales transaction on COGS and the inventory asset.