Regan Aug with 55 units of inventory that cout $35 each Ouning August, the company completed the following inventory ansaction The oon to view the transactions) Regarement 1. Prepare a perpetual inventory record for the merchandise inventory using the FO retory conting method Surt by entering the begoning entory beanon Enter the transactions in chronological order, caoulating new inventory on fand balances after each transaction Once all of the transactions have been entered into the perpetrece quady and test of merchandise inventory purchased, sot, and on hand at the end of the period (Enter the oldest inventory) Purchases Cost of Goods Sold Inventory on Hand Unt Total Unit Cost Quantity Cost Total Cost Unit Total Cost Cost Date Quantity Cost Quantity Aug 1 3 * 21 30 Totals GRAC00 Dalances 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 entory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first) Cost of Goods Sold Jovantopron Hand tal Unit Cost st Data table Units Unit Cost Unit Sales Price Aug. 3 45 $ 83 75 $ 52 Aug. 8 Aug. 21 Aug. 30 70 10 55 Done Quantity Tot Co Sale Purchase Sale Purchase Print Cost of Goods Sold Unit Cost uantity Jovanton on Hand 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 X