Question Viewer view the transactions.$)$

Read the requirements.

Requirement $1.$ Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method.

merchandise inventory purchased, sold, and on hand at the end of the period. $($Enter the oldest inventory layers first.$)$

Data table

Requirements

Prepare a perpetual inventory record for the merchandise inventory using the

FIFO inventory costing method.

Prepare a perpetual inventory record for the merchandise inventory using the

LIFO inventory costing method.

Prepare a perpetual inventory record for the merchandise inventory using

the weighted$-$average inventory costing method.

Determine the company's cost of goods sold for August using FIFO, LIFO,

and weighted$-$average inventory costing methods.

Compute gross profit for August using FIFO, LIFO, and weighted$-$average

inventory costing methods.

If the business wanted to maximize gross profit, which method would

it select?