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 Inventory on Hand Unit Total Units Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 3 8 21 30 Totals Steel It began August with 60 units of iron inventory that cost $25 each. During August, the company completed the following inventory transactions: EE(Click the icon to view the transactions.) i Data Table 25 S 15 S 375 65 $ 41 $ 2,665 375 Units Unit Cost Unit Sales Price 640 41 S 25 S 1,025 Aug. 3 Sale 45 S 72 25 S 41 S 1,025 8 Purchase 65 S 41 56 S 20 1,120 21 Sale 55 86 140 S 2,145 45 30 Purchase 20 56 ory using the LIFO inventory costing method. hological order, calculating new inventory on hto the perpetual record, calculate the quantit e period. (Enter the oldest inventory layers fin Print Done Purchases Cost of Goods Sold Inventory on Hand