and Weighted Average transactions Units Unit Cost Jan. 3 8 73 P6-40B Accounting for inventory using the perpetual inventory system FIFO, LIFO, and Weighted-Average, and comparing FIFO, LIFO, Ornamental Iron Works began January with 45 units of iron inventory that cost $24 cach. During January, the company completed the following inventory 6. If the business wanted to maximize gross profit, which method would it select? 3 20 Unit Sale Price $51 Sale 35 $32 Purchase 70 21 Sale 65 Purchase 25 47 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 January using FIFO, LIFO, and weighted average inventory costing methods. 5. Compute gross profit for January using FIFO, LIFO, and weighted-average inventory costing methods. 30 P6-41B Accounting principles for inventory and applying market rule f. cost-or