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Iron Hill began August with 60 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: (Click the icon to view the transactions.) Read the reguirements Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layer first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Quantity Cost Cost Quantity Cost Cost Quantity Cost Aug. 1 Total Unit Date Cost 3 8 21 30 Enter any number in the edit fields and then continue to the next question Iron Hill began August with 50 units of iron inventory that cost $35 ench. During August, the company completed the following inventory transactions: Click the icon to view the transactions.) Read the requirements Requirement 2. Prepare a perpetual invertory record for the merchandise inventory using the LIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction, Once al of the transactions have been entered into the perpetunt record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Units Unit Total Date Quantity Cost Cost Quantity Quantity Cost Aug. 1 Total Cost Cost Cost 3 21 30 Enter any number in the edit fields and then continue to the next question, fron Hill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions Click the icon to view the transactions) Read the resuirements Totals Requirement 3. Prepare a perpetual inventory record for the merchandise inventory using the weighted average inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction Once all of the transaction have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 3 Unit 21 30 Totals Requirement 4. Determine the company's cost of goods sold for August using FIFO LIFO, and we ghted-average inventory conting methods Iron Hill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Click the icon to view the transactions.) Read the requirements 30 Totals 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 August using FIFO Inventory costing is The cost of goods sold amount for August using LIFO inventory costing in The cost of goods sold amount for August uning weighted average inventory conting in Requirements. Compute gross profit for August using FIFO, LIFO, and weighted average Inventory costing methods Sales Revenue Gross profit FIFO LIFO Weighted average Requirement 6. If the business wanted to maximize gross profit, which method would it select? W the business wanted to maximize gross profit, it would select the M method cont of Goods Sold Enter any number in the edit fields and then continue to the next question i Data Table Icosti Units Unit Cost Unit Sales Price Aug. 3 Sale 45 $ 85 Aug. 8 Purchase 90 S 54 Sale 85 88 Aug. 21 Aug. 30 Purchase 15 58