uitsi entory sa Requirements etual wen be balanc tory pur Enter ases 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? t st flolele Print Done of the period. (En Total Units Unit Cost Unit Sales Price Cost Sale 50 $ 81 Purchase 85 50 Aug. 3 Aug. 8 Aug. 21 Aug. 30 Sale 80 75 Purchase 20 45 Print Done Iron Man began August with 65 units of Iron inventory that cost $30 each. During August, the company completed the following inventory transaction B (click the icon to view the transactions.) Read the requirements 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 ea 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 Purchases Cost of Goods Sold Inventory on Hand Total Unit Total Total Date Quantity Cost Quantity Cost Quantity Cost Aug. 1 Unit Unit Cost Cost Cost 3 8 21 30 Totals Enter any number in the edit fields and then click Check