earning objectives 2, 3 P6-34B Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted-average, and comparing FIFO, LI weighted-average FO, and 5. FIFO GP $4,640 Steel It began January with 55 units of iron inventory that cost $35 each. During January, the company c owin UnitsUnit Cost Unit Sales Price Jan. 3 Sale 45 $ 83 8 Purchase 21 Sale 30 Purchase 75 $ 52 85 10 Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using the 2. Prepare a perpetual inventory record for the merchandise inventory using the 3. Prepare a perpetual inventory record for the 4. Determine the company's cost of goods sold for January using FIFO, LIFO, and 5. Compute gross profit for January using FIFO, LIFO, and weighted-average inven- 6. If the business wanted to maximize gross profit, which method would it select? FIFO inventory costing method. LIFO inventory costing method. weighted-average inventory costing method. weighted-average inventory costing methods. tory costing methods