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 balancos. Enter the transactions in chronological order, calculating new inventory on hand balances after each trar Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, an the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Unit Total Unit Total Inventory on Hand Unit Total Quantity Cost Cost Dato Quantity Cost Cost Quantity Cost Cost Aug. 1 3 8 21 30 atory record for the merchandise inventory using the FIFO inventory costing method. ht Data Table Units Unit Cost Unit Sales Price Sale 45 $ 72 Purchase 65 $ 41 Aug. 3 Aug. 8 Aug. 21 Aug. 30 Sale 55 86 Purchase 20 56 Print Done Po-ZYA (similar to) Luxury Iron Company began August with 60 units of iron inventory that cost $25 each. During August, the company.com PER Iclick the to view the