Steel It began January with 55 units of iron inventory that cost $35 each. During January, 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 Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Data table Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jan. 1 Units Unit Cost Unit Sales Price 3 Jan. 3 Sale 45 S 83 81 Jan. 8 Purchase 75 $ 52 Jan. 21 Sale 70 85 21 Jan. 30 Purchase 10 55 301 Print Done Totals 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. 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.)