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Iron Works began August with 60 units of iron inventory that cost $25 each. During August, the company completed the following inventory transactions EEl (Click the icon to view the transactions.) Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. 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 layers first.) Cost of Goods Sold Inventory on Hand UnitTotal Unit Total Unit Total Cost Quantity Cost Cost Quantity CostCost Date Aug. 1 21 Totals i Data Table Units Unit Cost Unit Sales Price Aug. 3 Sale 45 72 65 $ 41 8 Purchase 21 Sale 30 Purchase 86 20 56 Print Done Requirements Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method. 1. 2. 3. Prepare a perpetual inventory record for the merchandise inventory using the 4. Determine the company's cost of goods sold for August using FIFO, LIFO, 5. Compute gross profit for August using FIFO, LIFO, and weighted-average 6. If the business wanted to maximize gross profit, which method would it weighted-average inventory costing method. and weighted-average inventory costing methods. inventory costing methods. select? Print Done