Decorative Steel, Inc., began August with 55 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions:

Requirements 1. Prepare a perpetual inventory record for the inventory using FIFO.

2. Prepare a perpetual inventory record for the inventory using LIFO.

3. Prepare a perpetual inventory record for the inventory using average cost.

4. Determine the company's cost of goods sold for August using FIFO, LIFO, and average cost.

5. Compute gross profit for August using FIFO, LIFO, and averagecost.

6) which method do you use for maximize gross profit for the company

Decorative Steel, Inc., began August with 55 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions:Requirements 1. Prepare a perpetual inventory record for the inventory using FIFO. 2. Prepare a perpetual inventory record for the inventory using LIFO. 3. Prepare a perpetual inventory record for the inventory using average cost. 4. Determine the company's cost of goods sold for August using FIFO, LIFO, and average cost. 5. Compute gross profit for August using FIFO, LIFO, and averagecost. 6) which method do you use for maximize gross profit for the company Decorative Steel, Inc., began August with 55 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions:Requirements 1. Prepare a perpetual inventory record for the inventory using FIFO. 2. Prepare a perpetual inventory record for the inventory using LIFO. 3. Prepare a perpetual inventory record for the inventory using average cost. 4. Determine the company's cost of goods sold for August using FIFO, LIFO, and average cost. 5. Compute gross profit for August using FIFO, LIFO, and averagecost. 6) which method do you use for maximize gross profit for the company