Steel It began January with 5 units of iron inventory that cost $35 each. During January, the company completed the following inventory transactions: (Click the icon to view the transactions. Read the requirements. Requirement 1. Prepare a perpetual inventory record r the merchandise inventory using the FIFO inventory costing method. Start calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) entering the beginning inventory balances. Enter the transactions chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, Purchases Cost f Goods Sold Inventory on Hand Total Unit Unit Total Unit Total Requirements Cost Cost Cost Quantity Cost Cost Quantity Quantity Cost Date Jan. he merchandise inventory using the cord for 3 rec y EIFO 8 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method. Prepare a perpetual inventory record for the merchandise inventory using the weighted-average inventory costing method. 3. 2 January using FIFO, LIFO, and waighted-average inventory costing methods 20 5. Compute gross profit for January using FIFO, LIFO, and weighted-average inventory costing methods. If the business wanted to maximize gross profit, which method would it 6. Totals select? Print Done Enter any number in the edit fields and then click Check Answer. X Data Table Units Unit Cost Unit Sales Price Jan. 3 Sale 45 83 8 Purchase 52 75 21 Sale 85 70 30 Purchase 10 55 Print Done