Fancy Iron began August with 55 units of iron inventory that cost $35 each. During August, the company completed the following inwentary transactions (Click the icon to view the transactions) Read the requirements Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. Start ty entering the beginning inventory balances Enter the transactiods in chronological order, calculating new inventory on hand balances atter each transaction. Once all of the transactions have been uitered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and in hand at the end of the period (Enter the oldest ventory layers first) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 a 8 21 30 Totals Requirements . X 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 a Data Table X - Units Unit Cost Unit Sales Price Sale 45 $ 83 Purchase 75 $ 52 Aug. 3 Aug. 8 Aug. 21 Aug. 30 85 Sale 70 Purchase 10 55 Print Done