Iron Ha began Augest with 45 units of iron inventory that cout24 cach. 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 inventary on hand balance after each transaction Once all of the ansactions 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 (the oldest inventory layers in Purchases Un Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Inventory on Hand Unit Total Quantity Cost Cont Data Table - X Quantity Cost Date Aug 3 Unks Una Cost Unt Sales Price 35 $ 63 70 5 32 20 Aug 3 Sale Purchase 21 Sale 30 Purchase 65 77 25 30 Print Done Total Requirement 2. Prepare a perpetual inventory record for the merchandise Invatory using the LFO Inventory costing method Start by entering the beginning inventory balances Enter the transactions in chronological order, woon handles her each ansaction Once all of the action habentered into the perpet record, calculate the quantity and total cost of radio wentary purchased sold and hand at the end of the period the oldest inventory layers first Purchases Cost of Goods Sold Inventory Unit Total Units Total Unk Total Date Quantity Cost Cost Quantity Cost Cont Quantity Cost Cost Aug 3 21 30 tos Requirement 3. Prepare a perpetual inventory record for the merchandise inventory using the weighted average Inventory costing method Start by entering the beginning inventory balances Enter the transactions in chronological order, calculating new entry on hand balances after each transaction. Once all of the ansactions 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 Purchases Cost of Goods Sold Inventory on Hand Total Unit Data Table - X Total Une Total Quantity Cost Cost Quantity Cost Cost Quantly Cost Cost Aug 1 3 Units Unit Cost Unit Sales Price Auge 35 8 5 63 & Purchase zo 21 $ 32 21 Sale 65 77 30 30 Purchase 25 47 Print Requirement. Determine the company's cost of goods sold for Augusting FIFO, UFO, and well-werage Inventory costing methods The cost of goods sold amount for Augustin PFO inventory costing is The cost of goods sold amount for Augustin LIFO inventory costing is The cost of goods sold amount for Aussing weighted average inventory costing Requirements. Computers profit for Augusting FIFO, LIFO and weighted average Inventory conting methods Sales Reve Cost of Goods Sold Groep FIFO UFO Requirement. If the business wanted to main gross prol, which method would lat? the business wanted to magros prot would select the thed
