i Data Table IR h Units Unit Cost Unit Sales Price 5d Sale 72 Purchase 65 Aug. 3 Aug. 8 Aug. 21 Aug. 30 Sale 55 86 Purchase 20 66 or Print Done 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 Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Enter any number in the edit fields and then continue to the next question ( Read the requirements Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 3 8 Enter any number in the edit fields and then continue to the next question Iron Hill began August with 60 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. 8 21 30 Enter any number in the edit fields and then continue to the next question 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 perpetua 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 Enter any number in the edit fields and then continue to the next question Read the requirements Purchases Cost of Goods Sold Inventory on Hand Unit Total Units Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 3 8 Enter any number in the edit fields and then continue to the next question Read the requirements 21 30 Totals Enter any number in the edit fields and then continue to the next