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Iron R Us began August with 65 units of iron inventory that cost $30 each. During August, the company completed the following inventory transactions: (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. first.) Requirements 1. Journalize any required entries. 2. At what amount should the company report merchandise inventory on the balance sheet? 3. At what amount should the company report cost of goods sold on the income statement? 4. Which accounting principle or concept is most relevant to this situation? Best Yet Electronic Center began July with 100 units of merchandise inventory that cost $78 each. During July, the store made the following purchases: (Click the icon to view the purchases.) Best Yet uses the periodic inventory system, and the physical count at July 31 indicates that 130 units of merchandise inventory are on hand. Read the requirements. Requirements 1. Determine the ending merchandise inventory and cost of goods sold amounts for the July financial statem 2. Sales revenue for July totaled $21,000. Compute Best Yet's gross profit for July using each method. 3. Which method will result in the lowest income taxes for Best Yet? Why? Which method will result in the highest net income for Best Yet? Why