Homework: Chapter 6 Assignment HW Score441 P6-348 (similar to 0 Custof Tu 17. Data Table - X Units Unit Cost Unit Sales Price $ 59 Aug. 3 Sale 65 8 Purchase 70 $ $ 28 21 Sale 60 75 30 Purchase 25 45 Print Done 0 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 Clear All P6-34B (similar to) Omamental Iron Works began August with 75 units of iron inventory that cost $20 each. During August, the company completed the following inventory transac (Click the icon to view the transactions.) Read the remane 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 transac oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Total Unit Total Unit Cost Date Quantity Cost Cost Quantity Cost Quantity Cost Cost Aug. 1 3 8 21 30 Totals