Iron Hill began in August with 60 units of iron 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.)

Units Unit Cost Unit Sales Price

Aug. 3 Sale. 45 $72

8 Purchase 65 $41

21 Sale 55 $86

30 Purchase 20 $56