Spiners Cycles uses the FIFO inventory method. Spiners started July with seven bicycles that cost $ $310$ each. On July $16,$ Spiners bought $28$ bicycles at $ $240$ each. On July $31,$ Spiners sold $21$ bicycles. Prepare Spiners's perpetual inventory record.

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Part $1$

Prepare the perpetual inventory record. Start by entering the opening inventory balance. Enter the transactions in chronological order. When entering$$ sales, enter the first cost to come out of inventory on the first line. Be sure to calculate the balance after each transaction.

$($Use a minus sign or parentheses when subtracting$$ numbers.$)$

Spiners Cycles

Date

Quantity

Unit Cost

Total Cost

$$

Balance

Ending Inventory