John's Sporting Goods

uses the FIFO inventory method.

John's Sporting Goods

started

December

with

10

helmets that cost

$54

each. On

December

19,

John's Sporting Goods

bought

12

helmets at

$57

each. On

December

28,

John's Sporting Goods

sold

11

helmets.

Prepare a perpetual inventory record for

John's Sporting Goods

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.)