Accounting for inventory using the perpetual inventory system—FIFO Consider the December transactions for Crystal Clear Cleaning that were presented in Chapter 5. (Cost data have been removed from the sale transactions.) Crystal Clear uses the perpetual inventory system.
1. Prepare perpetual inventory records for December for Crystal Clear Cleaning using the FIFO inventory costing method. (Note: You must calculate the cost of goods sold on the 11th, 28th, and 31st.)
2. Journalize the transactions for December 11th, 28th, and 31st (adjusting entry a only) using the perpetual inventory record created in Requirement 1.
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