Use the information below to complete the tasks. $($HINT: under view use "freeze panes" so it is easier to scroll through the information$)$ Model Airplane kits sell for $$50$ each $1$ Prepare a perpetual inventory costing record using FIFO and journalize the purchase and sales transactions. $($Aassume all purchases and sales are on account$)2$ Prepare a perpetual inventory costing record using LIIO and prepare the purchase and sales transactions. $3$ Prepare a perpetual inventory costing record using weighted average cost and prepare the purchase and sales transactions. Using the information above, complete the table for FIFO, LIFO and Weighed Average Cost and answer the question. During inflation, which costing method gives the highest profit before operating expenses? Which method gives the highest cost of inventory on hand? Estimate the August $1$ inventory using the gross profit method. Give an example of a time when a business would estimate its ending inventory using the gross profit method.