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Homework: Ch 6 Homework Score: 0 of 15 pts X P6-29A (similar to) Fancy Iron began August with 75 units of ion inventory hat cost $20 each Duing August the company completed the following inventory ansactions 1 o1 (f complete) HYV Score: 0%, 0 of 15pt Question Hep Read the teavi Requirement 1. Prepare a perpehual inventory ecord for the merchandse inventory using the FIFO iventory costing method hand at the end of the perod. (Enter the oldest inventory layers fist Unit Unit Total Total Cost QuantityCest Date Quantity Ces Cest QuantityCost Requirement 1. Prepare a perpetual inventory necord for the merchandise inventory using the 2 Prepare a perpetual inventory ecord for the merchandse inventory using te costing method FIFO inventory Prepare a perpetual inventory record for the merchandse inventory using the Devemine 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 &It the business waned to maimize gross proft, which method wouild R Enter any number in the edit flds and then click Check Answer Score: 0 of 15 pts XP6-29A (similar to) Fancy Iron began August with 75 units of iron inventory that cost $20 each During August, the company completed the following inventory tran 1 of 1 (1 completel Click the loon to view the transactions) Read the requirements Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method Start by entering the begnrg inventory balances Enter the transactors chnologcal ode, calculating new memory on hand balances a Once all of the transactions have been entered into the perpetual necord, calculiate the quantity and total cost of merchandise inventory purchas hand at the end of the period. (Enter the oldest inventory layers fiest) Cost of Goods Sold Inventory on Hand Unit Cost Unit Total Total Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Aug. 1 65 21 Data Table Units Unit Cost Unit Sales Price Aug. 3 Sale 59 8 Purchase 70 21 Sale 30) Purchase 25 28 75 Print Done

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