Fancy Iron began August with 45 units of iron inventory that cost $24 each. During August, the company completed the following inventory transactions: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 transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost ofmerchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)- XCost of Goods SoldInventory on HandRequirementsUnitCostUnitCostPurchasesUnitDate Quantity CostAug. 13812130TotalsTotalCostQuantityTotalCostQuantityCTotalCost1.Prepare a perpetual inventory record for the merchandise inventory using theFIFO inventory costing method.2.Prepare a perpetual inventory record for the merchandise inventory using theLIFO inventory costing method.3.4.Determine the company's cost of goods sold for August using FIFO, LIFO,and weighted-average inventory costing methods.5.6.If the business wanted to maximize gross profit, which method would itselect?Prepare a perpetual inventory record for the merchandise inventory using theweighted-average inventory costing method.Compute gross profit for August using FIFO, LIFO, and weighted-averageinventory costing methods.Data tableAug. 3Aug. 8Aug. 21Aug. 30SalePurchaseSalePurchaseUnits Unit Cost3570 $ 32652547Unit Sales Price$6377X

Name: Fancy Iron began August with 45 units of iron inventory that cost $24
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Fancy Iron began August with 45 units of iron inventory that cost $24 each. During August, the company completed the following inventory transactions:Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO in