Lusury Iron Company began August with 70 units of iron inventory that cost $25 each. Duing August, the company completed the following inveritory transactions III (Click the icon to viow the transactions) Read the requitements. Requirement 1. Prepare a perpetual inventory tecord for the merchandise inventory using the Fif O iriventory costing mothod Stait by entering then beginning irventory balances Einter the transactions in chronological ordes, calculating new inventory on hand balances after each transaction. Once all of the transatticas 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. IEnter the oldont inwentory layeus fist) 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? Data table