P6-34B Accounting for inventory using the perpetual inventory system-FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted average Learning Objectives 2, 3 5. FIFO GP $5,640 Decorative Steel began January with 70 units of irou inventory that cost $25 each. During January, the company completed the follolig inventory transactions: Units Unit Cost Unit Sale Price Sale 60 $ 74 Jan. 3 O 8 21 Purchase 80 343 Sale 70 79 30 Purchase 20 49 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 January using FIFO, LIFO, and weighted average inventory costing methods. 5. Compute gross profit for January using FIFO, LIFO, and weighted average inventory costing methods. 6. If the business wanted to maximize gross profit, which method would it select