Requirement 3. Prepare a perpetual inventory record using average cost. Round the average cost per unit to the nearest cent and all other amounts to the nearest dollar. Start by entering the opening inventory balance. Enter the transactions in chronological order, calculating new inventory and 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 inventory purchased, sold, and on hand at the end of the period. (Round your answers for the unit cost to the nearest cent. Round your answers for the total cost to the nearest whole dollar.) Transactions