Omamental Iron Works began August with 75 units ofron inventory that cost $20 sach. During August, the company completed the folowing inventory transactions Click the icon to view the transactions) Read the requirements Requirement 1. Prepare a perpetual invertory record for the merchandise Inventory using the FIFO inventory costing method Start by evening beginning inventory balance Erher the transactions in cological order, cing new invertory on and balance after each transaction. One of the transave been tored into the perpen calculate the quantly and total cost of merchandise inventory purchased sold, and on hand at the end of the period. The other tory les fost) Purchase Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quay Cost Cost Quantity Cost Cost Aug 1 30 Tina i Data Table mm Units Unit Cost Unit Sales Price Sale 65 $ 59 d balances Best invento Purchase 70 rpetual $ 28 Aug. 3 Aug. 8 Aug. 21 Aug. 30 Sale 60 75 Purchase 25 45 Print Done 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? ar All Print Done er Chapter 6 Homework: EF6-15, EF6-20, EF6-23, EF6-25 Score: 0 of 7 pts 5 of 5 (3 complete) PF6-29A (similar to) Omamental tron Works began August with 75 units of iron inventory that cost $20 each. During August, the company completed the following inventory transactions em click the icon to view the transactions.) Read the mairements Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method Start by entering the beginning