Riley sporting goods uses the FIFO inventory method. Riley sporting goods started October with 10 helmets that cost $ 52 each. on October 19, Riley sporting goods bought 16 helmets at $ 57 each. on October 28, Riley sporting goods sold 12 helmets. prepare a perpetual inventory record for Riley 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 perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period.

FIFO: Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost Oct 1