Question: If you can provide any additional explanation that would be amazing. Im really struggling to follow other peoples examples Underwater Way, Inc. carries a line

 If you can provide any additional explanation that would be amazing.
Im really struggling to follow other peoples examples Underwater Way, Inc. carries
a line of titanium cameras. Underwater Way, Inc., uses the FIFO method
If you can provide any additional explanation that would be amazing. Im really struggling to follow other peoples examples

Underwater Way, Inc. carries a line of titanium cameras. Underwater Way, Inc., uses the FIFO method and a perpetual inventory system. The sales price of each camera is $188. Company records indicate the following activity for cameras for the month of July (Click the icon to view the records) Read the requirements Requirement 1. Prepare a perpetual Inventory record for the cameras to determine the amount Underwater Way, Inc., should report for ending inventory and cost of goods sold using the FIFO method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period (Enter the oldest inventory layers first) FIFO Purchases Cost of goods sold Inventory on hand Unit Unit Total Date Cost Qty Cost Cost Jul 14 S 102 $ 1,428 14 S 104 $1,456 14 $ 102 $ 1,428 14 $ 104 5 1,456 Total Unit Total Qty Cost Cost Cost Qty 1 7 11 14 104 1456 Data Table Date Item Quantity Unit Cost Jul 1 Balance 14 $ 102 7 Purchase 14 $ 104 11 Sale 18 19 Purchase 17 $ 108 28 Sale 13 Print Done - Requirements 1. Prepare a perpetual inventory record for the cameras to determine the amount Underwater Way, Inc., should report for ending inventory and cost of goods sold using the FIFO method. 2. Journalize the inventory transactions for Underwater Way, Inc., using the FIFO method. Assume all purchases and sales are on account. Print Done

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