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 Unit Cost of Goods Sold Total Unit Total Inventory on Hand Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 65 $ 30 $ 1,950 3 50 $ 30 $ 1,500 15 $ 30 $ 450 8 85 $ 50 $ 4,250 15 $ 30 $ 450 85 $ 50 $ 4,250 21 15 $ 30 $ 450 65 $ 50 $3,250 20 $ 50 $ 1,000 30 20 $ 45 $ 900 20 $ 50 $ 1,000 20 $ 45 $ 900 $ 5,150 5,200 1,900 Totals 105 130 40 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 Cost of Goods Sold Unit Date Quantity Cost Total Cost Units Total Inventory on Hand Unit Total Quantity Cost Cost Quantity Cost Cost Aug. 1 65 $ 30 $ 1,950 3 50 $ 30 $ 1,500 15 $ 30 $ 450 8 85 $ 50 $ 4,250 15 $ 30 $ 450 85 $ 50 $ 4,250 21 80 $ 50 4,000 15 $ 30 $ 450 5 $ 50 $ 250 30 20 $ 45 $ 900 15 $ 30 $ 450 5 $ 50 $ 250 20 $ 45 $ 900 $ 5,150 $ 5,500 $ 1,600 Totals 105 130 40 Requirement 3. Prepare a perpetual inventory record for the merchandise inventory using the weighted-average 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. Purchases Cost of Goods Sold Unit Total Unit Total Inventory on Hand Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 65 $ 30 $ 1,950 3 50 $ 30 $ 1,500 15 $ 30 $ 450 8 85 $ 50 $4,250 100 $ 47 $ 4,700 21 80 $ 47 $ 3,760 20 $ 47 $ 940 30 20 $ 45 $ 900 40 $ 46 $ 1,840 Totals 105 $ 5,150 $ 5,260 $ 1,840 130 40 Requirement 4. Determine the company's cost of goods sold for August using FIFO, LIFO, and weighted-average inventory costing methods. The cost of goods sold amount for August using FIFO inventory costing is