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As this is a new store, merchandise has been purchased on account to sell at the store. The information below relates to the purchase and sales of the new products.

Use the perpetual inventory method with the FIFO valuation method.

August 25: Purchased 15 golf club sets for $240 each to sell at the store from vendor A, on account with terms of 1/10 net 60.

September 16: Purchased 25 bicycles for $75 each to sell at the store from vendor B, on account with terms of 1/10 net 60.

September 24: Paid $750 toward merchandise from vendor A.

September 30: Recorded impact of sales transaction on COGS and the inventory asset.

October 18: Paid $650 toward merchandise from vendor B.

October 25: Paid remaining payable for merchandise from vendor A.

October 26: Purchased 25 more golf club sets for $250 each to sell at the store from vendor A, on account with terms of 1/10 net 60.

October 31: Recorded impact of sales transaction on COGS and the inventory asset.

November 10: Paid remaining payable for merchandise from vendor B.

November 16: Purchased 35 more bicycle sets for $85 to sell at the store each from vendor on account with terms of 2/10 net 30.

November 20: Paid vendor B in full and took advantage of the discount (offset COGS).

November 30: Recorded impact of sales transaction on COGS and the inventory asset.

December 10: Paid $4500 toward payable for merchandise from Vendor A.

December 31: Recorded impact of sales transaction on COGS and the inventory asset.

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