Homework: Homework CH$6$

Steel Mill began August with $65$ units of iron inventory that cost $$30$ each. During August, the company completed the following inventory transactions $($Click the icon to view the transactions$)$

Read the requirements.

$\backslash$table$[[,,$Units,Unit Cost,Unit Sales Price,$],[$Aug$.3,$Sale,$50,,$$$,81],[$Aug$.8,$Purchase,$85,$$$,50,],[$Aug$.21,$Sale,$80,,75,],[$Aug$.30,$Purchase,$20,45,,]]$

Requirement $2.$ Prepare a perpetual inventory 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 tr 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 firs

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.

Prepare a perpetual inventory record for the merchandise inventory using the weighted$-$average inventory costing method.

Determine the company's cost of goods sold for August using FIFO, LIFO, and weighted$-$average inventory costing methods.

Compute gross profit for August using FIFO, LIFO, and weighted$-$average inventory costing methods.

If the business wanted to maximize gross profit, which method would it select?

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