Iron Hill began August with 55 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions EEB (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method Start by entering the beginning vento y balances. Enter the transactions n chronological order, calculating new ventry on hand balances a each trans acton. 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 layors first.) Text UnitsUnit Cost Unit Sales Price 83 45 75 $ 52 70 10 Aug. 3 Sale 8 Purchase 21 Sale 30 Purchase 85