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 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.)
Luxury Iron Company began August with 70 units of iron inventory that cost $25 each. During August, the company completed the following inventory transactions.