Ornamental Iron Works Began Janurary 2014 with 45 units of iron inventory that costs $24 each. During Janurary, the company completed the following inventory transactions:

	Units	Unit Cost	Unit Sale Price
Jan 3 Sale	35		$51
Jan 8 Purchase	70	$32
Jan 21 Sale	65		$73
Jan 30 Purchase	25	$47

1) Prepare a perpetual inventory record for merchandise inventory using the FIFO inventory costing method. Be sure to label the chart as FIFO.

2) Prepare a perpetual inventory record for merchandise inventory using the LIFO inventory costing method. Be sure to label the chart as LIFO.

3) Prepare a perpetual inventory record for merchandise inventory using the weighted-average inventory costing method. Be sure to label the chart as weighted-average.

4) Determine the companys cost of goods sold for January using FIFO, LIFO, and weighted-average inventory costing method.

5) Compute gross profit for January using FIFO, LIFO, and weighted-average inventory costing method.

6) If the business wanted to maximize gross profit, which method would it select?