Decorative steel began August with 55 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Requirements Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. 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 method. Compute gross profit for August using FIFO, LIFO, and average inventory costing methods. If the business wanted to maximize gross profit, which method would it select