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Citerion Cycles uses the FIFO inventory method. Citerion started October with five bicycles that cost...

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Accounting

Citerion Cycles uses the FIFO inventory method. Citerion started October with five bicycles that cost $350 each. On October 16, Citerion bought 20 bicycles at $320 each. On October 31, Citerion sold 15 bicycles. Prepare Citerion's perpetual inventory record
Prepare the perpetual inventory record. Start by entering the opening inventory balance. Enter the transactions in chronological order. When entering sales, enter the first cost to come out of inventory on the first line. Be sure to calculate the balance after each transaction.
(Use a minus sign or parentheses when subtracting numbers.)
\table[[Citerion Cycles,],[Date,Quantity,Unit Cost,Total Cost],[October 1,5,350,1750],[October 16,20,,],[Balance,,,],[October 31,15,,],[October 31,,,],[Ending Inventory,,,]]
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