Iron R Us 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 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 Inventory on Hand Unit Total Unit Total Total Date Quantity Cost Quantity Quantity Aug. 1 Unit Cost Cost Cost Cost Cost 8 21 30 Totals Iron R Us 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 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 Quantity Cost Cost Quantity Cost Cost Aug. 1 Cost 8 21 30 Totals Iron R Us 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 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. Cost of Goods Sold Inventory on Hand Unit Total Total Unit Total Quantity Cost Quantity Cost Quantity Cost Purchases Unit Date Cost Cost Cost Aug. 1 3 8 21 30 Totals Requirement 4. Determine the company's cost of goods sold for August using FIFO, LIFO, and weighted-average inventory costing methods. 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 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 method. i - X Data Table Units Unit Cost Unit Sales Price ted- 3. P: ng n Sale 50 $ 81 Purchase 85 $ ng til 50 and ate the Aug. 3 Aug. 8 Aug. 21 Aug. 30 Sale 80 75 Fulat to th hat the Purchase 20 45 on Print Done nit Ruantry Duo US TITTETSY US OTT Jost