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Beginning Inventory 65 units $30

* Requirements hsaction. Once all of the tra Hest inventory layers first.) inventory record for the tory balances. Enter the ne quantity and total cost Cost Total Cost Quantity 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 August using FIFO, LIFO, and weighted-average inventory costing methods. 5. Compute gross profit for August using FIFO, LIFO, and weighted-average Inventory costing methods. 6. If the business wanted to maximize gross profit, which method would it select? Print Done st of me Data Table x the oldest inventory la - est of Go Un Co Units Unit Cost Unit Sales Price $ 81 50 $ Sale Purchase 85 $ 50 Aug. 3 Aug. 8 Aug. 21 Aug. 30 80 75 Sale Purchase 20 45 Print Dona Iron R Us began August with 65 units of Iron inventory that cost $30 each. During August, the company completed the following inventory transactions: Click the icon to view the transactions.) Read the resuirements 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 to 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 Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Quantity Quantity Quantity Cost Aug. 1 Unit Total Date Cost Cost Cost Cost Cost 8 21 30 Totals Enter any number in the edit fields and then click Check

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