Totals 85 4.450 115 5,045 25 1,330 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 Tolosit Unit Total Units Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 3 8 21 30 ? Totals Check Answer Enter any number in the edit fields and then click Check Answer 30 10 $ 55 $ 550 180 Requirements - X Data Table 040 - X ory ho Units Unit Cost Unit Sales Price SO e transac Aug. 3 Sale 45 $ 83 8 Purchase 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? 75 $ 52 21 Sale 70 85 30 Purchase 10 55 Print Done Print Done 21 Steel Mill began August with 55 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: (Click the icon to view the transactions.) Read the requirements. 75$ 52 % 3,9UU TU 35 350 75 $ 52 $ 3,900 21 10 $ 35 $ 350 60 $ 52 $ 3,120 15 $ 52 $ 780 30 10 $ 55 $ 550 Requirements 549 i Data Table or ho SO Units Unit Cost Unit Sales Price Aug. 3 Sale 45 $ 83 1. Prepare a perpetual inventory record for the merchandise inventory us FIFO inventory costing method. 2. Prepare a perpetual inventory record for the merchandise inventory us LIFO inventory costing method. 3. Prepare a perpetual inventory record for the merchandise inventory usi weighted-average inventory costing method. 4. Determine the company's cost of goods sold for August using FIFO, LIF and weighted average inventory costing methods. 5. Compute gross profit for August using FIFO, LIFO, and weighted avera inventory costing methods. 6. If the business wanted to maximize gross profit, which method would it select? 8 Purchase 75 52 21 Sale 70 85 30 Purchase 10 55 Print Done Print Done