Spiners Cycles uses the FIFO inventory method Spiners started May with seven bicycles that cost $350 each On May 16, Spiners bought 28 bicycles at $380 each On May 31, Spiners sold 21 bicycles Prepare Spiners's perpetual inventory record Prepare the perpetual inventory record Start by entering the opening inventory balance Enter the transactions in chronological order. When entenng 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 May 1 7 $ 350 $ 2,450 16 28 380 10,640 h Bal 35 13 090 31 --7 350 -2450 31 380