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 AugustAugust using FIFO, LIFO, and weighted-average inventory costing methods.
5.	Compute gross profit for AugustAugust using FIFO, LIFO, and weighted-average inventory costing methods.
6.	If the business wanted to maximize gross profit, which method would it select?

August, the company completed the following inventory transactions tory using the FIFO inventory costing method. onological order, calculating new inventory on hand balances after each transaction ate the quantity and total cost of merchandise inventory purchased, sold, and on hand A Data Table > Unit Cost Units 65 70 Unit Sales Price $ 59 $ 28 Aug 3 Sale 8 Purchase 21 Sale 30 Purchase 60 25 45 Print Done Question Help Fancy Iron began August with 75 units of iron inventory that cost $20 each During August, the company completed the following inventory transactions Click the icon to view the transactions) Te Read the requirements Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method Start by entering the beginning inventory balances Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period (Enter the oldest inventory layers first) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 1500 Aug 1 us, th Totals Enter any number in the edit fields and then continue to the next question omme save for Later DELL Requirement 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method Start by entering the beginning inventory balances Enter the transactions in chronological order calculating new inventory on hand balances after each transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased sold and on hand at the end of the period (Enter the oldest inventory layers first) are 09 Purchases Cost of Goods Sold Inventory on Hand Units Unit Unit Cost Total Date Total Cost ate Quantity Total Cost Quantity Cost Quantity Cost Cost Aug 1 30 Total Thus, the Enter any number in the edit fields and then continue to the next question Comme Save for Later arch DELL Question Help Fancy iron began August with 75 units of iron inventory that cost $20 each During August, the company completed the following inventory transactions Click the icon to view the transactions.) Read the requirements Requirement 3. Prepare a perpetual inventory record for the merchandise inventory using the weighted average inventory costing method pare sting Start by entering the beginning inventory balances Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period Purchases Cost of Goods Sold Inventory on Hand Unit Total Total Unit Total Date Quantity Cost Cost Quantity Cost Quantity Cost Aug 1 Date 3 Total Requirement 4. Determine the company's cost of goods sold for August using FIFO, LIFO, and weighted average inventory costing methods Thus, the The cost of goods sold amount for August using FIFO inventory costing is s Enter any number in the edit fields and then continue to the next question Comme Save for Later earch P rements Totals Requirement 4. Determine the company's cost of goods sold for August using FIFO LIFO and weighted average inventory costing methods The cost of goods sold amount for August using FIFO inventory costing is $ The cost of goods sold amount for August using LIFO inventory costing is $ The cost of goods sold amount for August using weighted average inventory costing is 5 Requirement 5. Compute gross profit for August using FIFO, LIFO, and weighted average inventory costing methods Sales Revenue - Cost of Goods Sold Gross profit FIFO LIFO Weighted average Requirement 6. If the business wanted to maximize gross profit, which method would it select? th method If the business wanted to maximize gross profit it would select the Enter any number in the edit fields and then continue to the next question ime Save for Later