P-F:6-29A Accounting for inventory using the perpetual inventory systemFIFO, LIFO, and weighted-average, and comparing FIFO, LIFO, and weightedaverage (Learning Objectives 2, 3) Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: 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. =IFO GP $5,235 6. If the business wanted to maximize gross profit, which method would it select