Steel Mill began August with 75 units of iron inventory that cost $20 each. During August, the company completed the following inventory transactions: 5 Click the icon to view the transactions.) Read the requirements, 31 65 $ 20 $ 1,300 10 $ 20$ 200 8 70 $ 28 $ 1,960 80 $ 27 $ 2,160 2 21 60 $ 27 $ 1,620 20$ 27 $ 540 30 25 $ 45 $ 1,125 45 $ 37 $ 1,665 $ 1,665 95 $ 3,085 Totals 125 $ 2,920 45 Requirement 4. Determine the company's cost of goods sold for August using FIFO, LIFO, and weighted average inventory costing methods. The cost of goods sold amount for August using FIFO inventory costing is $ 2,900 The cost of goods sold amount for August using LIFO inventory costing is $ 2,980 The cost of goods sold amount for August using weighted average inventory costing is $ 2,920 Requirement 5. Compute gross profit for August using FIFO, LIFO, and weighted average inventory costing methods. Sales Revenue - Cost of Goods Sold Gross profit FIFO - = LIFO II Weighted average