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Help! Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. 2. Prepare a perpetual inventory record for
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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. 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? Data table Aug. 3 Aug. 8 Aug. 21 Aug. 30 Sale Purchase Sale Purchase Units Unit Cost 60 80 $ 43 70 20 49 Unit Sales Price $ 74 79 1 Step by Step Solution
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