Little Mexico Leather, a distributor of leather products, uses the FIFO method for valuing inventories. It began August with 50 units of an inventory store completed these inventory transactions: Click the icon to view the transactions.) Required 1. Prepare a perpetual inventory record for this item. 2. Determine the store's cost of goods sold for August. 3. Compute gross margin for August. Requirement 1. Prepare a perpetual inventory record using the FIFO method. (Enter the oldest inventory layer first.) Leather Product ' Purchases Cost of Goods Sold Inventory on Hand 'Date ' QTY Unit Cost Tot. Cost Unit Cost Tot. Cost Unit Cost Tot. Cost 'Aug1 Requirement 2. Determine the store's cost of goods sold for August. The cost of goods sold is :l . Requirement 3. Compute gross margin for August. Sales Cost of goods sold : Gross margin S o More Info - >