Question: 4. Accounting for inventory using the perpetual system-FIFO, and average cost, PLEASE comparing FIFO, and average cost. (14 MARKS) Decorative Steel began August with

4. Accounting for inventory using the perpetual system-FIFO, and average cost, PLEASE

4. Accounting for inventory using the perpetual system-FIFO, and average cost, PLEASE comparing FIFO, and average cost. (14 MARKS) Decorative Steel began August with 55 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Aug 3 Sale........ Units ..45 Unit Cost Unit Sale Price $83 8 Purchase.......................75 $52 21 Sale... ....70 $85 30 Purchase .10 $55 Requirements 1. Prepare a perpetual inventory record for the inventory using FIFO. (7 MARKS) 2. Prepare a perpetual inventory record for the inventory using average cost. (7 MARKS)

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