Iron Hill began August with 70 units of iron inventory that cost $25 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 Inventory on Hand Unit Total Data table Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 Units Unit Cost Unit Sales Price 3 Sale 60 $ 74 8 Purchase 80 $ 43 Aug. 3 Aug. 8 Aug. 21 Aug. 30 Sale 70 79 21 Purchase 20 49 301 Print Done Totals