Steel Mill began August with 55 units of iron inventory that cost $35 each During August, the company completed the following inventory transactions (Click the icon to view the transactions.) Read the requirements Aug. 1 Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter Purchases Cost Goods Sold Inventory on Hand Requirements Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 1. Prepare a perpetual inventory record for the merchandise inventory using the 55$ 35$ 1,925 FIFO inventory costing method. 3 45$ 35 $ 1,575 101 $ 35$ 350 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method. 8 75 | $ 52 $ 3.900 10$ 35 $ 350 3. Prepare a perpetual inventory record for the merchandise inventory using the 75 $ 52 $ 3,900 weighted average inventory costing method 4. Determine the company's cost of goods sold for August using FIFO, LIFO. 21 10$ 35$ 350 and weighted average inventory costing methods 60S 52S 3.120 780 5. Compute gross profit for August using FIFO, LIFO, and weighted average inventory costing methods 30 105 55 $ 550 15$ 780 52$ 6. If the business wanted to maximize gross profit, which method would it 10 S 555 550 select? $ 5.045 $ 4,450 $ 1,330 85 115 25 Totals Point Done Requirement 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction Once all of the transactions have been entered into the perpetual record, 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) Purchases Cost of Goods Sold Inventory on Hand Unit Total Total Unit Total Units Quantity Cost Cost Cost Cost Cost Date Cost Quantity Quantity Aug 1 Enter any number in the edit fields and then click Check Answer Check Answer ances after each transaction. Once all of the transactions have been entered into the perpetua old i Data Table . Units Unit Cost Unit Sales Price Aug. 3 Sale 45 83 8 Purchase 75 $ 52 21 Sale 70 30 Purchase HO 55 Print Done