Requirement 2. Propare a perpetual inventory recerd for the merchandise inventary using the UFO invenlory costing method. Start by entoring the begining inventary balances. Entor the transactions in chronological order, oakculaing new inveniory on hand balances allor each transaction. Once al of the transections have Data table Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on 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 been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand