Decorative Steel began August with 55 units of iron inventory that cost $35 each. During August the firm completed the following inventory transactions: Units Unit Cost Unit Sale Price Aug 3 45 $83 8 75 $22 21 70 $84 30 10 $55 Requirements:
1.Prepare a perpetual inventory record for the inventory using FIFO.
2.Prepare a perpetual inventory record for the inventory using LIFO
3.Preparea perpetual inventory record for the inventory using average cost
4.Determine the firms cost of sales for August using FIFO, LIFO and average cost
5.Calculate gross profit using FIFO, LIFO and average cost.
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