Iron Hill began August with 65 units of iron inventory that cost $30 each. During August, the company completed the following inventory transactions: (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 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 Unit Total Unit Total Inventory on Hand Unit Total Date Quantity Aug. 1 Cost Cost Quantity Cost Cost Quantity Cost Cost 65 30 1950 50 3 31 1550 85 50 4250 21 30