Steel Mill begins with 65 units of iron inventory that cost $30 each.

i Data Table Units Unit Cost Unit Sales Price Sale 50 $ 81 Purchase 85 $ 50 Aug. 3 Aug. 8 Aug. 21 Aug. 30 -10 Sale 80 75 Purchase 20 45 Print Done 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 August using FIFO, LIFO, and weighted-average inventory costing methods. 5. Compute gross profit for August using FIFO, LIFO, and weighted average inventory costing methods. 6. If the business wanted to maximize gross profit, which method would it select? Print Done Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 3 B 21 30 Totals