Markham Leather, a distributor of leather products, uses the FIFO method for valuing inventories. It began August with 50 units of an inventory item that cost $80 each. During August, the 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 QTY Unit Cost Tot Cost Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Aug 1 Aug 3 Aug 8 Aug 21 JU Aug 30 Ending Requirement 2. Determine the store's cost of goods sold for August Enter any number in the edit fields and then continue to the next question. me FIFO method. (Enter the oldest inventory layer first.) i More Info BE ost of Good Unit Cost Unit Cost Unit Sale Price $140 Units 40 80 70 10 Aug 3 Sale. 8 Purchase. 21 Sale.. 30 Purchase. $88 $150 $96 Print Done