Iron Hill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: (Click the icon to view the transactions.) Read the requirements. Totals 105 5,730 130 $ 6,070 25 S 1,410 Requirement 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method. Start by entering the beginning inventory balances. 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 Unit Total Units Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 3 8 Totals 21 30 Enter any number in the edit fields and then click Check Answer. 6 parts remaining Clear All Data Table Units Unit Cost Unit Sales Price Aug. 3 Sale 45 $ 85 Aug. 8 Purchase 90 S 54 Aug. 21 Sale 85 88 Aug. 30 Purchase 15 58 Print Done Check Answer