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

UnitsUnit CostUnit Sales PriceAug. 3Sale60 $74.00Aug. 8Purchase80$43.00 Aug. 21Sale70 79Aug. 30Purchase2049

Requirements:

Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method.Prepare a perpetual inventory record for the merchandise inventory using the weighted-average inventory costing method.Determine the company's cost of goods sold for August using FIFO, LIFO, and weighted-average inventory costing methods.Compute gross profit for August using FIFO, LIFO, and weighted-average inventory costing methods.