Steel It began August with 55 units of iron inventory that cost S35 each. During August, the company completed the following inventory transactions: (Click the icon to view the transactions.) Read the reguirements. Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO 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.) Cost of Goods Sold Unit Inventory on Hand Unit Unit Total Total Cost Total Date QuantityCoCost Qtity Cost Cost QuantityCost Data Table Aug. Unit Unit Sales Units Cost Price Aug. 3 Sale 45 S 83 8 Purchase 75 S 52 21 Sale 21 85 70 30 Purchase 10 30 Print Done Totals