P6-40B Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and Weighted-Average, and comparing FIFO, LIFO, and Weighted-Average Ornamental Iron Works began January with 45 units of iron inventory that cost $24 each. During January, the company completed the following inventory transactions: Units Unit Cost Unit Sale Price Jan. 3 Sale 35 $51 8 Purchase 70 $32 21 Sale 65 73 30 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. 6. If the business wanted to maximize gross profit, which method would it select