austinjewelers carries a line of waterproof watches austin jewelers uses the fifo method and a perpetual inventory system

Requirements
1. Prepare a perpetual inventory record for the waterproof watches to determine the amount Austin Jewelers should report for ending inventory and cost of goods sold using the FIFO method.
2. Journalize Austin Jewelers inventory transactions using the FIFO method. Assume that all purchases and sales are on account.