K Steel Fabricators began August with 55 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: View the transactions. Read the requirements. Purchases Unit Date Quantity Cost Aug. 1 3 8 21 30 Totals Calculator Ask my instructor Total Cost Cost of Goods Sold Units Quantity Cost Jmy Total Cost Clear all Inventory on Hand Unit Quantity Cost Total Cost Check answer Incor

Steel Fabricators began August with 55 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: View the transactions. Read the requirements. Transactions 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