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 on 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 Units Unit Total Total Total Date Quantity Cost Cost Quantity Cost Cost Cost Quantity Cost Aug. 1 3 8 21 301 Totale Data table merchandise invel all of the transactions in chi ed, sold, and on ha Units Unit cost Unit Sales Price t of Goods Sold Aug. 3 Sale 45 $ 85 Units To Aug. 8 Purchase 90 $ 54 Cost ca Aug. 21 Sale 88 Aug. 30 Purchase 58 Print Done 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 on 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 Units Unit Total Total Total Date Quantity Cost Cost Quantity Cost Cost Cost Quantity Cost Aug. 1 3 8 21 301 Totale Data table merchandise invel all of the transactions in chi ed, sold, and on ha Units Unit cost Unit Sales Price t of Goods Sold Aug. 3 Sale 45 $ 85 Units To Aug. 8 Purchase 90 $ 54 Cost ca Aug. 21 Sale 88 Aug. 30 Purchase 58 Print Done