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.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Cost Cost Unit Total Cost Cost Unit Total Cost Cost Date Data Table Aug. 1 Unit Sales Price Units Unit Cost Aug. 3 Sale 45 S 83 8 Purchase 75 S 52 21 Sale 85 70 30 Purchase 10 30 Print Done Totals 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.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Cost Cost Unit Total Cost Cost Unit Total Cost Cost Date Data Table Aug. 1 Unit Sales Price Units Unit Cost Aug. 3 Sale 45 S 83 8 Purchase 75 S 52 21 Sale 85 70 30 Purchase 10 30 Print Done Totals