SophCO Inc. is a distributor of linseed oil which is used in the manufacture of paint. The companybuys linseed oil in bulk from a number of different linseed crushing plants. At the beginning ofmonth of September the company had 25,000 gallons of linseed oil stored in its tank farm. Thelinseed oil was purchased from one crushing plant at a cost of $3.00. During the month ofSeptember the company purchased additional linseed oil and sold linseed oil as follows.9/3/XX purchased 10,000 gallons of linseed oil at $3.25 per gallon.9/8/XX purchased 15,000 gallons of linseed oil at $3.50 per gallon9/10/XX purchased 5,000 gallons of linseed oil at $3.60 per gallon.9/11/XX sold 22,000 gallons to a paint manufacture for $5.00 per gallon.9/12/XX purchased 20,000 gallons of linseed oil at $3.75 per gallon.9/22/XX purchased 5,000 gallons of linseed oil at $3.80 per gallon.9/30/XX sold 28,000 gallons of linseed oil for $5.20.Required:a. Complete the perpetual inventory record (provided) for the above transactionsusing FIFOb. Make the required journal entry on 9/8/XX for the FIFO method.c. Make the required journal entry on 9/11/XX for the FIFO method.d. Complete the perpetual inventory record (provided) for the above transactionsusing LIFO FIFO METHODPURCHASED SOLD BALANCEUTS COST TOT UTS COST TOT UTS COST TOT LIFO METHODPURCHASED SOLD BALANCE only a and d in given table please thank you with no dates ### FIFO Method Inventory Spreadsheet**Sections:**1. **Purchased:** - **UTS (Units):** The number of units purchased. - **Cost:** The cost per unit. - **TOT (Total):** The total cost calculated by multiplying units by cost.2. **Sold:** - **UTS (Units):** The number of units sold. - **Cost:** The cost per unit sold. - **TOT (Total):** The total revenue generated from sales, calculated by multiplying units by cost.3. **Balance:** - **UTS (Units):** The remaining inventory in units after purchases and sales. - **Cost:** The cost per remaining unit. - **TOT (Total):** The total value of the remaining inventory, calculated by multiplying units by cost.**Note:**This spreadsheet is designed to track inventory using the FIFO (First-In, First-Out) method, where the earliest purchased items are the first to be sold. **LIFO Method Inventory Template**This table is designed to help record and manage inventory using the Last In, First Out (LIFO) method. It is divided into three main sections: Purchased, Sold, and Balance. Each section contains columns for Units (UTS), Cost, and Total (TOT). ### Column Descriptions:- **Purchased:** - **UTS:** Number of units purchased. - **COST:** Cost per unit of the purchased items. - **TOT:** Total cost of the purchased units (calculated as Units x Cost).- **Sold:** - **UTS:** Number of units sold. - **COST:** Cost per unit of the sold items (based on the LIFO method). - **TOT:** Total cost of the sold units (calculated as Units x Cost).- **Balance:** - **UTS:** Remaining number of units in inventory. - **COST:** Cost per unit of the remaining inventory (reflective of the most recent purchases). - **TOT:** Total value of the remaining inventory (calculated as Units x Cost).This template is used for meticulous tracking of inventory costs, allowing businesses to manage stock efficiently and ensure accurate financial reporting.

There are two inventory systems i.e., a periodic inventory system and a perpetual inventory system. The perpetual inventory system updates the inventory balance after each receipt and issue of inventory. Hence, under perpetual inventory, we always get an updated inventory balance.a. Complete inventory record using FIFO method as follows: - Periodic Inventory System (Under FIFO Method)DateCost of Goods available for SaleCost of Goods SoldBalanceUnitsCost (p.u.)ValueUnitsCost (p.u.)ValueUnitsCost (p.u.)Value9/1/XX25,000$3.00$75,00025,000$3.00$75,0009/3/XX10,000$3.25$32,50035,000$3.00 & $3.25$107,5009/8/XX15,000$3.50$52,50050,000$3.00, $3.25, & $3.50$160,0009/10/XX5,000$3.60$18,00055,000$3.00, $3.25, $3.50, & $3.60$178,0009/11/XX22,000$3.00$66,00033,000$3.25, $3.50, & $3.60$112,0009/12/XX20,000$3.75$75,00053,000$3.25, $3.50, $3.60, & $3.75$187,0009/22/XX5,000$3.80$19,00058,000$3.25, $3.50, $3.60, $3.75, $3.80$206,0009/30/XX28,000$3.00, $3.25, & $3.50$94,00030,000$112,00080,000$272,00050,000$160,00030,000$112,000d. Complete the inventory record using the LIFO method as follows: - Periodic Inventory System (Under FIFO Method)DateCost of Goods Available for SaleCost of Goods SoldBalanceUnitsCost (p.u.)ValueUnitsCost (p.u.)ValueUnitsCost (p.u.)Value9/1/XX25,000$3.00$75,00025,000$3.00$75,0009/3/XX10,000$3.25$32,50035,000$107,5009/8/XX15,000$3.50$52,50050,000$160,0009/10/XX5,000$3.60$18,00055,000$178,0009/11/XX5,000$3.60$18,00015,000$3.50$52,50025,000$3.002,000$3.25$6,5008,000$3.25$101,0009/12/XX20,000$3.75$75,00053,000$3.00 & $3.25$176,0009/22/XX5,000$3.80$19,00058,000$3.00; $3.75 & $3.80$195,0009/30/XX3,000$3.25$9,75020,000$3.75$75,0005,000$3.80$19,00030,000$91,25080,000$2,72,00050,000$180,75030,000$3.00 & $3.25$91,250a. Complete the inventory record using the LIFO method as shown above.d. Complete the inventory record using the LIFO method as shown above.