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P6-34B (similar to) Steel Mill 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 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 layers first.) Purchases Cost of Goods Sold Unit Total Unit Total Inventory on Hand Unit Total Quantity Cost Cost Date Quantity Cost Cost Quantity Cost Cost uantit Aug 1 3 81 21 30 Totals i Data Table x Requirements Units Unit Cost Unit Sales Price 45 S 85 Aug. 3 Sale 8 Purchase 90 $ 54 21 Sale 85 88 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? 30 Purchase 15 58 Print Done Print Done