Kama Leather, a distributor of the products, uses the FIFO method for valuing inventories. It began August with 50 units of an inventory Hom that coul 5170 sach. During August the store completed these inventory transactions Click the ken to view the transactions.) Required 1. Prepare a perpetual inventory record for this item 2. Determine the words cost of goods sold for August 3. Computo gross margin for August Requirement 1. Prepare a perpetual inventory record using the FIFO method (Enter the oldest inventory layer first) Leather Product Purchases QTY Unit Cost Tot Cost Date Cost of Goods Sold OTY Un Cost Tot Com Inventory on Hand OTY Unit Cost Tot Cost Aug 1 Aug Aug Aug 21 Aug 30 Ending Requirement 2. Determine the store's cost of goods sold for August The cost of goods sold is Requirement 3. Compute gross margin for August Sales Cost of goods sold Gross margin Unit Cost Unit Sale Price $282 . Aug 3 Sale........... 8 Purchase. 21 Sale.... 30 Purchase. Units 35 96 82 16 $186 $292 $194