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P6-29A (similar to) Question Help Jezdlaive sleel began August wn bd unils of iron inventory that cost $25 each. During August, the company completed the following inventory transactions: Read the requrements Requirement 1. Prepare a perpetual invenlory record fr the merchandse inventory using u FIFO iventary costing method. Start by entering the beqinning inventary balances Enter the transactors in chronoloqical crder, calculating new nventary on hand balances atter each transaction Once all o f the Iransachonis have been entered inta the perpetual recard, calcutate the quanbty and total cost ot merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Cost of Goods Sold Purchases Inventory Hand Requrements Unit Total Unt Tota Unr Tota Cost Date Quantity Cost Quantity Cos Cost Quantity Cost Cost Aug. 1 Prepare a perpetual inventory record for the merchandise inventory using thes FIFO inventory casting method 1 Data Table LIFO nventory cstng methre rd for the merchandise inventory using the 3. Frepare a pel ecold or tne merchandise inventory using the Unit Sales Price Units Unit Cost 21 Detemine the company's cost of goods sold for August using FIFO, LIFO. 4. Aug. 3 Sale 12 Ce orpes nenft for Augul FIEO LIFO, and weighted-average 8 Purchase 65 41 inventory cosling methods 21 Sale 55 If the business wanted to maximize gross proft which method would it 30 Purchase 20 56 selec? Talabs Print Done Print Done