Journal entries for perpetual inventory system Idaho Inc. is a wholesale company selling special parts for the automotiv

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Journal entries for perpetual inventory system
Idaho Inc. is a wholesale company selling special parts for theautomotive industry. The company uses FIFO and a perpetualinventory system. Its inventory records for part SA-123 show thefollowing transactions for the month of May 2020:
Date
Transaction
Units
Unit
Units
Unit
Purchased
Cost
Sold
Selling
Price
May 1
Balance
120
$7.00
May 10
Purchase
500
$7.20
May 15
Sale
(100)
$12.40
May 21
Sale
(150)
$12.50
May 23
Purchase
250
$7.30
Instructions
Assuming Idaho makes all sales and purchases of inventory onaccount, prepare the journal entries for each of the above listedtransactions.