Use the Following In Our Business uses a Perpetual FIFO Inventory Valuation System On Jan 1, Our Business received a $100,000 investment of cash from the Owners. On Jan 5, Our Business Bought 400 Bikes for $80 each, total of $32,000 with a check. On Jan 10 Our Business Bought 400 Bikes for $100 each, total of $40,000 on Account. On Jan 15, Our Business paid January Rent in the Amount of $10,000 with Checks On Jan 25 Our Business Sold 600 Bikes for $140 each, total of $84,000 on account. On Jan 30 Our Business Recorded January Salaries of $8,000 to be Paid Next Month On Jan 31 Our Business Paid $7,000 to the Owners of the Business
