Smart Lighting, an LED bulb superstore, uses the FIFO method for valuing inventories. It began August with 50 units of an inventory item that cost $80 each. During August, the store completed these inventory transactions: (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 August. 3. Compute gross margin for August. Transactions 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 Requirement 3. Compute gross margin for August