complete requirements 1-6

Luxury Iron Company Deon August with 70 unit of iron ventory that coul 25 cach. During the company completed the following into tractions Read the Requirement 1. Pero a perpetuitory record for the merchandise or using the inventory costing mod Start by entering the beginning inventory balances Enthe ansactions in chronological reconeinversary and balance after each Och boon entered into the perpetual record, the quantity and total cost of merchandise inventory purchased, and on hand at the end of the end the deserto Purchases Cost of Goods Sold Inventory on Hand Unit Unit Total Unit Total De Cost Cost Quantity Cout Cost Quantity Cost Cou Aug. 2 Total 21 30 Recuirement 2. Probarea berbual inventory record for the mechandise inventory in the UFO neory costino method Next the merchandise inventory using the FIFO inventory costing method. Data Table Units Unit Cost Unit Sales Price Sale 60 $ 74 Purchase 80 $ 43 Aug. 3 Aug. 8 Aug. 21 Aug. 30 Sale 70 79 Purchase 20 49 Print Done the merchandise inventory using the LIFO inventory costina method. for the merchandise inventory using the FIFO inventory costing method. 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 & 4. % 5 6. 7 8 9 Requirement 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO lectory costing method Start by entering the beginning inventory balances Enter the transactions in chronological order, calculating new inventory on hand balances atter each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inwentary purchased sold, and on and at the end of the periode est inventory layers first Purchases Unit Quantity Cost Cost of Goods Sold Units Total Quantity Cost Cost Total Cost Inventory on Hand Total Quantity Cost Cost Unit Date 3 21 30 Totais Next Requirements. Prepare a perpetual inventory record for the merchandise inventory using the weighted average nventory conting method Start by entering the beginning inventory balances Enter the transactions in chronological order, calculating new inventory anhand balance after each transaction Once all of the transactions have hoon entered into the perpetual recont calculate the quantity and total cost of merchandise nentory purchased, old, and on hand at the end of the period Purchases Unit Cost Total Cost of Goods Sold Unit Total Quantity Cost Cost Inventory on Hand Una Total Quantity Cost Cost Cost Quantity Aug 1 31 21 30 Totais Requirement 4. Determine the company's cost of goods sold for August using FIFO, LIFO and weighted average inventory costing methods The cost of goods sold amount for Augusting FIFO inventory costing is The cost of goods sold amount for Augusting UFO ventory costing is Tur Asin wat incetin Next Requirement 4. Determine the company's cost of goods sold for August using FIFO, LIFO, and weighted average inventory coating methods, The cost of goods sold amount for August using FIFO inventory costing a The cost of goods sold amount for August using LIFO inventory costing is The cost of goods sold amount for August using weighted average inventory costing is Requirement 5. Compute gross profit for August using FIFO, LIFO and weighted-average inventory costing methods. Sales Revenue Cost of Goods Sold Gross profit FIFO LIFO Weighted average Requirement 6. If the business wanted to maximize gross profit, which method would it select? if the business wanted to maximize gross profit, it would select the method uirements 4. Determine the company's cost of goods sold for August using FIFO, LIFO, and weighted average inventory costin pods sold amount for August using FIFO Inventory costing is oods sold amount for August using LIFO inventory costing is oods sold amount for August using weighted average inventory costing is 5. Compute gross profit for August using FIFO, LIFO ory costing methods. Sales Revenue Cost of G rofit FIFO LIFO erage t 6. If the business wanted to maximize gross profit, w weighted average Es wanted to maximize gross profit, it would select the method 3 5 6 7 8 E R. R T U S D