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hapter 6 P6-40B Accounting for inventory using the perpetual inventory system FIFO, LIFO, and Weighted Average, and comparing FIFO, LIFO, Omamental Iron Works began January with 45 units of iron inventory that cost $24 each. During January, the company completed the following inventory Unit Cost and Weighted-Average Learning Objectives 2, 3 5. FIFO GP 53,690 Unit Sale Price transactions: Units $51 35 $32 70 Jan 3 Sale 8 Purchase 65 73 21 Sale 25 47 30 Purchase Requirements FIFO inventory costing method. LIFO inventory costing method. 1. Prepare a perpetual inventory record for the merchandise inventory using the 2. Prepare a perpetual inventory record for the merchandise inventory using the 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 jectives 1.4 PG-410 Accounting