Requirement 1 make 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 chronologicalorder, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetualrecord, calculate the quantity and total cost of merchandise inventorypurchased, sold, and on hand at the end of the period.(Enter the oldest inventory layersfirst.)