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

Requirements:

(already did requirement #1)

\begin{tabular}{llcccc} \hline & & Units & Unit Cost & \multicolumn{2}{c}{ Unit Sales Price } \\ \hline Aug. 3 & Sale & 60 & & $ & 74 \\ Aug. 8 & Purchase & 80 & $ & 43 & \\ Aug. 21 & Sale & 70 & & 79 \\ Aug. 30 & Purchase & 20 & 49 & \\ \hline \end{tabular} 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