Steel It began January with 55 units of iron inventory that cost $35 each. During Janu- ary, the company completed the following inventory transactions: Units Unit Cost Unit Sales Price Jan. 3 Sale 45 $83 8 Purchase 75 $ 52 21 Sale 70 85 30 Purchase 10 55 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