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Steel Mill began August with $65$ units of iron inventory that cost $$30$ each. During August, the company completed the following inventory transa $($Click the icon to view the transactions$)$

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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 aft the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. $($Enter the oldest inventory layg

$\backslash$table$[[$Date$,$Purchases,Cost of Goods Sold,Inventory on Hand$],[$Quantity$,\backslash$table$[[$Unit$],[$Cost$]],\backslash$table$[[$Total$],[$Cost$]],$Quantity,$\backslash$table$[[$Unit$],[$Cost$]],\backslash$table$[[$Total$],[$Cost$]],$Quantity,$\backslash$table$[[$Unit$],[$Cost$]],\backslash$table$[[$Total$],[$Cost$]]],[$Aug$.1],[3],[8],[21],[30],[],[$Totals$,,,,=,,,,,]]$

$\backslash$table$[[,,$Units,Unit Cost,Unit Sales Price,$],[$Aug$.3,$Sale,$50,,$$$,81],[$Aug$.8,$Purchase,$85,$$$,50,],[$Aug$.21,$Sale,$80,,75,],[$Aug$.30,$Purchase,$20,45,,]]$

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?

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