Drake Consulting performs systems consulting and has the following post-closing balances at December 31, 2016. (Click the icon to view the post-closing balances.) The company has also begun selling accounting software and uses the perpetual inventory system to account for software inventory. During January, Drake Consulting completed the following transactions and opened the following accounts. (Click the icon to view the transactions.) i (Click the icon to view the new accounts and opening balances.) Read the requirements. Requirement 1. Prepare perpetual inventory records for January for Drake using the FIFO inventory costing method. (Note: You must calculate the cost of goods sold on the 18th, 28th, and 31st.) Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Units Total Date Quantity Cost Cost Quantity Units Cost Total Cost Quantity Unit Cost Total Cost Jan. 7 18 22 28 31 Totals