Fancy Iron began August with 45 units of iron inventory that cost $24 each. during August, the company completed the following inventory transactions:

Fancy Iron began August with 45 units of lron mentory thet cost $24 each. During Auguet, the cormpery conpleted the following inventory transecions: (Click the ioon to view the tansactiont) Reod the recurements. Data table 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. Detemine 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