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 E 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 Unit Total Unit Total Date Cost Quantity Cost Quantity Cost Cost Quantity Cost Cost 50 $ 35$ Aug. 1 1,750 45$ 35$ 1,575 5$ 3 35$ 175 8 90 $ 54$ 4,860 5$ 35$ 175 90$ 54 $ 4,860 5$ 35$ 175 21 80$ 54$ 4,320 10$ 54 $ 540 15$ 30 870 540 58$ 10 $ 54 $ 15$ 58$ 870 $ 105 5.730 130 $ 6,070 Totals