Question: Use the data provided in P2 but assume that the company uses the periodic inventory system. P2 the inventory of Wood4Fun and data on purchases

Use the data provided in P2 but assume that the company uses the periodic inventory system. P2 the inventory of Wood4Fun and data on purchases and sales for a two-month period follow.The company does its books at the end of each month It uses the periodic inventory system.Data is as follows, The proble is for P3. page 294. Needles & Powers ( Perpetual Inventory system and Inventory costing Methods. )Use the data as follows but assume that the company uses the perpetual inventory system. I think this is what is messing me up? Do we run a balance of enventory after each transaction?

Apr 1 Beginning inventory 50 units @ $204

Apri 10 Purchase 100 units @ $220

April 17 sale 90 units

April 30 Ending inventory 60 units

May 2 Purchase 100 units @ 216

May 14 Purchase 50 units @ $224

May 22 Purchase 60 units @ $ 234

May 30 sale 200 units

May 31 Ending inventory 70 units

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