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Steel Mill began August with 55 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: BE (Click the icon to view the transactions.) Read the requirements. 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 Data Table Date Cost Cost Quantity Quantity Cost Cost Cost Cost Quantity Aug. 1 3 Units Unit Cost Unit Sales Price $ 45 83 8 Aug. 3 Sale 8 Purchase 75 $ 52 70 85 21 21 Sale 30 Purchase 10 55 30 Print Done Done Enter any number in the edit fields and then click Check Answer. Check Answer Clear All 7 parts remaining 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 21 30 Totals Enter any number in the edit fields and then click Check An

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