Steel it began August with 70 units of iron inventory that cost $25 each. During August, the company completed the following inventory transactions: Click the icon to view the transactions.) Read the requirements 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.) Purchases Unit Cost of Goods Sold Inventory on Hand Total Unit Total Unit Total Date Aug 1 Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Totale 21 30