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  3. the lyric carries a large inventory of guitars and

The Lyric carries a large inventory of guitars and other musical instruments. The store uses...

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Accounting

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The Lyric carries a large inventory of guitars and other musical instruments. The store uses the FIFO method and a perpetual inventory system. Company records indicate the following for a particular line of guitars. Required Prepare a perpetual inventory record for the guitars. Then determine the amounts The Lyric should report for ending inventory and cost of goods sold under the FIFO method. Prepare the perpetual inventory record. Start by entering the opening balance of inventory. Enter the transactions in chronological order. When entering sales, enter the oldest cost in the first line. Be sure to calculate the balance after each transaction. (Use parentheses or a minus sign in front of the quantity and the total cost when those numbers are subtracted from inventory.) Now, determine the cost of goods sold. Make the entries in chronological order

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