Purchases Unit Total Cost of Goods Sold Unit Total Quantity Cost Cost Date Quantity Cost Cost Aug. Inventory on Hand Unit Total Quantity Cost Cost 50 $ 35 $ 1,750 5 $ 35 $ 175 5 $ 35 $ 175 90 $ 54 $ 4,860 45 $ 35 $ 1,575 8 90 $ 54$ 4,860 5 $ 80 $ 35 $ 54$ 175 4,320 540 30 15 $ 58 $ 870 $ . $ 54 $ 54$ 58 $ 870 $ 105 5,730 130 $ 6,070 Totals $ 1,410 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.) Purchases Inventory on Hand Cost of Goods Sold Units Total Unit Unit Total Total Cost Date Quantity Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 Totals