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P6- A Accounting for inventory using the perpetual inventory system Learning Objectives 2, 3 FIFO, LIFO, and weighted-average, and comparing FIFO, LIFO, and weighted-average 5, FIFO GP $5,235 Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Units 45 90 85 15 Unit Cost Unit Sales Price Aug. 3 Sale $ 85 $ 54 8 Purchase 21 Sale 30 Purchase 58 Requirements 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