Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory coating method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating now inventory on hand balances tercach transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, gold, and on hand at the end of the period. (Enter the oldest inventory Layers first) Purohet Coct of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Coct Coct Guantit Coct Coct Quantity Coct Cost Aug. 1 50 $ 365 1,750 465 365 1,575 365 175 90$ 54 $4,860 5$ 365 175 90$ 54s 4,860 55 355 175 80$ 54 54,320 105 54 5 540 15S sas 870 10$ 54 S 540 sas 870 105 Totalt S 5,730 130 13 $ 6,070 1,410 21 Requirement 2. Prepare a perpeil Inventory card for the merchandise inventory using the UFO 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 Total Units Total Unit Total Date Quantity Coct Coct Quantity Cost Coct Guantity Cost Cogt Aug. 21