Requirement 1. Prepare a perpetual inventory record for Metal Watch using the FIFO, LIFO, and weighted-average inventory costing methods. merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) nnventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Begin by joumalizing Metal Watch's inventory transactions for June under the FIFO method. Jun. 3: Sold 15 units for $150 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Now journalize the expense related to the June 3 sale-Sold 15 units. Review the FIFO perpetual record you prepared above. Review the FIFO berbetual record vou prebared above. More info \begin{tabular}{ll} \hline Jun. 3 & Sold 15 units for $150 each. \\ Jun. 16 & Purchased 30 units at $65 each. \\ Jun. 23 & Sold 25 units for $150 each. \\ \hline \end{tabular} Now journalize the expense related to the June 3 sale-Sold 15 uni Review the LIFO perpetual record you prepared above. Jun. 16: Purchased 30 units at S65 each. Review the LIFO perpetual record you prepared above. Review the LIFO perpetual record you prepared above. More info Now journalize Metal Watch's inventory transactions for June under the weighted-average (W. Avg.) method. Jun. 3: Sold 15 units for $150 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Nov journalize the expense related to the June 3 sale-Sold 15 units. Review the weighted-average perpetual record you prepared above. Jun. 23: Sold 25 units for $150 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Now journalize the expense related to the June 23 sale-Sold 25 units. Review the weighted-average perpetual record you prepared above. Requirement 3. Show the computation of gross profit for each method. Review the revenue journal entries you prepared above. Review the FIFO record you prepared above. Review the LIFO perpetual record you prepared above. Review the weighted-average perpetual record you prepared above. Requirement 4. Which method maximizes net income? Which method minimizes income taxes? The method maximizes net income. The method minimizes income taxes