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. Data table Units Unit Cost Unit Sales Price Sale 60 $ 74 Aug. 3 Aug. 8 Aug. 21 Purchase 80 43 Sale 70 79 Aug. 30 Purchase 20 49 Print Done $ 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 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 a . Decorative Steei began August with 70 units of iron inventory that cost 525 each Duning August the company completed the following inventory transactions Click the icon to view the transactions) Read the 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 eacts transaction Once all of the quantity and total cost of merchandise inventory purchased sold, and on hand at the end of the period (Enter the oldest inventory layers 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 21 30 Totals Help me solve this Etext pages Get more help 487 Cloudy Giovanni Castagnolo 01/24/229:55 AM W Question 1, PF6-29A (similar to) Part 10 HW Score: 0%, 0 of 1 point O Points: 0 of 1 Save entory that cost $25 each. During August, the company completed the following entory transactions for the merchandise very using the FIFO inventory costing method ter the transactions in chronological order, calculating new inventory on hand balances ter och transaction. Once alor se transactions have been red into two popoarecord, ciclete vased sold and on hand at the end of the period Enter the oldest inventory layers test) Cost of Goods Sold Unit Total Cont Inventory on Hand Unit Total Quantity Cost Cost antity Cost Clear all Check answer Get more help