Iron Man began August with 65 units of iron inventory that cost $30 each. During August, the company completed the following inventory Iransactions BSB (Click the icon to view the transactions.) Read the requirements Purchases Cost of Goods Sold Unit Total Unit Cost Total Cost i Data Table Inventory en Hand Unit Total Quantity Cost Cost 65 30 Data Quantity Quantity Cost Cost Aug. 1 3 Units Unit Cast Unit Sales Price $ 81 8 50 85 5 50 Aug. 3 Sale Ang.& Purchase Aug. 21 Sale Aug. 30 Purchase 21 80 75 45 30 Print Done Totals Enter any number in the edit fields and then continue to the next question cal order calculating new inventory on hand balances after each transaction i 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 Iron Man began August with 65 units of iron inventory that cost $30 each. During August, the company completed the following inventory transactions: E: (Click the icon to view the transactions.) Read the requirements Purchases Cost of Goods Sold Unit Units Total Total Cost Inventory on Hand Unit Total Quantity Cost Cost Date Quantity Cost Quantity Cost Cost Aug. 1 3 8 21 301 Tntals Enter any number in the edit fields and then continue to the next question, Iron Man 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 Requirement 3. Prepare a perpetual inventory record for the merchandise inventory using the weighted average Inventory costing method. Start by entering the beginning inventowy balances. Enter the transactions in chronological order, calculating new insitory on hand balances after each transaction Once all of the transactions have been entered into the perpetual record, cakulate the quantity and total cost of muschandise inventory purchased sold, and on hand at the end of the period. Purchases Cost of Goods Sold Inventory on Hand Unit Total Ilnit Total Linit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cos! Aug. Cost 21 301 Totals Enter any number in the edit fields and then continue to the next question Iron Man 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 Requirement 4. Determine the company's cost of goods sold for August using FIFO, UFO, and weighted average inventory costing methods. The cost of goods sold arount 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 Grosspolit FIFO LIFO Weighted average Requirement 6. If the business wanted to maximize gross profit, which method would it select? If the business wanted to maximize gross profit, it would select the V method 7 Enter any number in the edit fields and then continue to the next