Workplace Lighting, an LED bulb superstore, uses the FIFO method for valuing inventories. It began May with 56 units of an inventory item that cost $170 each. D (Click the icon to view the transactions.) Required 1. Prepare a perpetual inventory record for this item 2. Determine the store's cost of goods sold for May. 3. Compute gross margin for May. Requirement 1. Prepare a perpetual inventory record using the FIFO method. (Enter the oldest inventory layer first.) i Transactions Smart Light Bulb Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot Cost May 1 May 3 Sale 8 Purchase. 21 Sale 30 Purchase May 3 May 8 May 21 May 30 Ending ---- - X Transactions Unit Cost Unit Sale Price $290 Units 40 80 84 11 May 3 Sale 8 Purchase 21 Sale 30 Purchase $178 $300 $186 Print Done Requirement 2. Determine the store's cost of goods sold for May. The cost of goods sold is Requirement 3. Compute gross margin for May. Sales Cost of goods sold Gross margin HE