1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method. 3. Prepare a perpetual inventory record for the merchandise inventory using the weighted-average inventory costing method. 4. Determine the company's cost of goods sold for August using FIFO, LIFO, and weighted average inventory costing methods. 5. Compute gross profit for August using FIFO, LIFO, and weighted-average inventory costing methods. 6. If the business wanted to maximize gross profit, which method would it select? Luxury Iron Company began August with 65 units of iron inventory that cost $30 each. During August, the company completed the following inventory transactions: (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 Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Inventory on Hand Unit Total Quantity Cost Cost 65 $ 30 $ 1,950 15$ 30 $ 450 Data table Aug. 11 3 50 $ 30 $ 1,500 Units Unit Cost 8 85 $ 50 $ 4,250 15$ 30 $ 450 Unit Sales Price $ $ 81 50 85 $ 50 $ 4,250 85 $ 50 21 15$ 30 $ 450 Aug. 3 Sale Aug. 8 Purchase Aug. 21 Sale Aug. 30 Purchase 80 75 65 $ 50 $ 3,250 20 20 45 30 20 $ 45 $ 900 20 20 $ 5,150 105 5200 $ 5,200 Totals 130 3 Print Done