Homework: Chapters 5 & 6 - Homework Questions Save Score: 0 of 1 pt 1 3 of 3 (1 complete) HW Score: 6.94%, 0.21 of 3 pts Problem 6-2B (book/static) Question Help O Kamlhani Imports is a fumiture distributor that uses the FIFO cost method with its perpetual inventory system. The following information is for the first item that it is sellingbean bag chairsfor the month of November. The store engaged in the following business transactions: (Click the icon to view the transactions.) Required 1. Prepare a perpetual inventory record, at FIFO cost, for the bean bag chair Inventory. i Transactions 2. Make journal entries to record the company's transactions. Requirement 1. Prepare a perpetual inventory record, at FIFO cost, for this merchandise. (Enter the oldest inventory layer first.) Nov. 1 Opening inventory 50 chairs at S 50 CHAIRS 3 Purchase on account 60 chairs at S 55 Purchases Cost of Goods Sold Inventory on Hand 10 Sale on account 100 chairs at S 120 QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost 22 Purchase on account 90 chairs at S 60 Beginning 24 Sale on account 70 chairs at $ 140 Nov 3 Operating expenses were $14.400, with one-half Purchase 28 paid in cash and the rest reported on account. M Nov. 10 Sale Print Done Nov. 22 Purchase Nov. 24 Sale Endina Enter any number in the edit fields and then click Check Answer. 7 Clear All Check Answer remaining