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P6-34B (similar to) Question Help Steel Mill began August with 60 units of iron inventory that cost $25 each. During August, the company completed the following inventory transactions: (Click the icon to view the transactions.) Read the requirements 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 Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 60 25 1500 Aug. 1 3 45 25 1125 8 65 41 2665 21 30 Totals Enter any number in the edit fields and then click Chock Answer. i Data Table - X Units Unit Cost Unit Sales Price Aug. 3 Sale 45 $ 72 LI 8 Purchase 65 $ 41 21 Sale 55 86 30 Purchase 20 56 Print Done X 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. 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? Print Done