Smart Lighting, an LED bulb superstore, uses the FIFO method for valuing inventories. If began Auguat with 50 units of an irventory itam that cost sa0 ea these inventory transuctions? (Click the icon to viow the transiactions.) Required 1. Prepare a perpetual inventory record for this item. 2. Determine the store's nost of goods sold for August. 3. Compute gross margin for August. Requirement 1. Prepare a perpetual inventory record using the FIFO method. (Enter the oldest inventory layer first) Requirement 2. Determine the store's cost of goods sold for August. The cost of goods sold is Reguirement 3. Compute gross margin for August. Requirement 2. Determine the store's cost of goods sold for August. The cost of goods sold is Requirement 3. Compute gross margin for August. \begin{tabular}{|c|c|c|c|} \hline & Units & Unit Cost & Unit Sale Pric \\ \hline Aug. 3 Sale.. & 40 & & $140 \\ \hline & 80 & $88 & \\ \hline 21 Sale & 70 & & $150 \\ \hline 30 Purchase ........... & 10 & $96 & \\ \hline \end{tabular}