Steel Mill

began

August

with

50

units of iron inventory that cost

$35

each. During

August,

the company completed the following inventory transactions:

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.)

\begin{tabular}{llcccc} \hline & & Units & Unit Cost & Unit Sales Price \\ \hline Aug. 3 & Sale & 45 & & 3 & 85 \\ Aug. 8 & Purchase & 90 & $ & 54 & \\ Aug. 21 & Sale & 85 & & \\ Aug. 30 & Purchase & 15 & 58 & \\ \hline \end{tabular}