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I need help with question 1 and 2. Can I also have an explanation on...

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Accounting

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I need help with question 1 and 2.

Can I also have an explanation on the answer, thank you!

HW 1: Texas Tennis Inc. carries an inventory of tennis rackets and related tennis products. The sales price of each racket is $140. Company records indicate the following activity for a particular line of rackets. Unit Cost $ 80 Date May 1 May 6 May 8 May 17 May 29 Item Balance Sale on account Purchase Sale on account Sale on account Quantity 20 9 15 15 3 $ 86 Part 1 1. Prepare a perpetual inventory record for the rackets using the FIFO costing system. Then identify the cost of the ending inventory and cost of goods sold for the month. Date Purchases Quantity Unit Cost Total Cost Cost of Goods Sold Quantity Unit Total Cost Cost Inventory Balance Quantity Unit Total Cost Cost 11 80 86 $86 $ 946 880 344 4 Totals 15 27 8 (concept check: Beg. Bal + Total Purchases - Cost of Goods Sold = Ending Inventory) The cost of the ending inventory balance using the FIFO method is $ 1. The cost of goods sold for the month using the FIFO method is $ 2

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