Iron Man began August with 45 units of iron inventory that cost $24 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 Cost Quantity Cost Quantity Cost Cost Aug. 1 3 8 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 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 Inventory on Hand Unit Total Units Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 27 Aug. 1 3 8 ash Requirement 3. Prepare a perpetual inventory record for the merchandise inventory using the weighted average inventory conting method. esh 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 Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Cost Quantity Cost Quantity Cost Cost Quantity Cost Cost che Aug. 1 31 8 es Enter any number in the edit fields and then continue to the next question Cash Requirement 4. Determine the company's cost of goods sold for August using FIFO, LIFO, and weighted-average inventory costing methods. Cash The cost of goods sold amount for August using FIFO inventory costing is The cost of goods sold amount for August using LIFO inventory costing is The cost of goods sold amount for August using weighted-average inventory costing is Requirement 5. Compute gross profit for August using FIFO, LIFO, and weighted-average Inventory costing methods Sales Revenue Cost of Goods Sold Gross profit the FIFO meal mes LIFO Weighted-average bes Requirement 6. If the business wanted to maximize gross profit, which method would it select? es If the business wanted to maximize gross profit, it would select the method. es ent Enter any number in the edit fields and then continue to the next question st us i Data Table hos r Aug eveny Units Unit Cost Unit Sales Price Sale 35 $ $ 63 Purchase 70 $ 32 Aug. 3 Aug. 8 Aug. 21 Aug. 30 Sale 65 77 to md Purchase 25 47 ss pra i Requirements 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
