Omamental Iron Works 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.) Inventory on Hand Unit Purchases Cost of Goods Sold Total Total Unit Unit Total Quantity Date Quantity Cost Cost Cost Cost Quantity Cost Cost Aug. 1 3 21 30 Totals Requirement 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO 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.) Inventory on Hand Purchases Cost of Goods Sold Total Unit Units Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 3 8 21 30 Totals Data Table Unit Unit Sales Units Cost Price 60 $ Aug. 3 Sale 74 80 43 8 Purchase 21 Sale 70 79 30 Purchase 20 49 Print Done