Stel Mal began August with 50 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 Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FFO inventory costing method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balance after each reaction. Once all of the action here berted to the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at end of the period. (Enter the oldest inventory layers first) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Total Unit Data Table Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 Units Unit Cost Unit Sales Price 3 Aug 3 Sale 45 8 8Purchase $ 54 21 Sale 85 30 Purchase 15 50 21 Print Done 30 Enter any number in the edit fields and then continue to the next question Steel Mal began August with 50 units of iron Inventory that cost $35 each. During Agus the company completed the following inventory tractions Click the loon to view the transaction. Read the requirements Requirement 2. Prepare a perpetual Inventory record for the merchandise vertory using the LIFO inventory costing method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new entry on hand balances after eachtractionOnce 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 Units Total Unit Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 Total 18 54 4860 21 15 5 870 Enter any number in the edit felds and then continue to the next question Read the requirements Totals 105 5730 Requirements. Prepare a perpetual inventory record for the merchandisentorying the wedge inventory coding method Start by entering the beginning inventory balances Enter the transactions in chronological order calculating new inventory on hand balances her character Once all the actions have bord the perpetual record, calculate the quantity and total cost of merchandise Inventory purchased, sold, and on hand at the end of the period Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Quantity Cost Cost Aug. 1 Cool 3 21 30 Totais Enter any number in the edit fields and then continue to the next question the blowing inventory transactions Read the requirements 30 Totals 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 $ The cost of goods sold amount for August using LIFO inventory costing is $ The cost of goods sold amount for August using weighted average Inventory costing is 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 UFO Weighted-average Requirement 6. If the business wanted to maximize gross proft, which method would it selec? method If the business wanted to maximize gross profit, it would select the FIFO Enter any number in the edit fields and then continue to the next