Question Accounting for inventory using the perpetual inventory system-FIFO and weighted-average, and comparing FIFO and weighted-average Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Units Aug. 3 Sale 45 Unit Cost Unit Sales Price $85 8 Purchase 90 $54 16 Sale 85 $88 20 Purchase 15 $ 58 22 Sale 15 $90 24 Purchase 150 $ 60.5 27 Purchase 75 $63.5 30 Sale 95 $95 C 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 weighted- average inventory costing method. 3. Determine the company's cost of goods sold for August using FIFO and weighted-average inventory costing methods..