Decorative Steel began August with 55 units of iron inventory

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P6-33A 3 4 Accounting for inventory using the perpetual system—FIFO, LIFO, and average cost, and comparing FIFO, LIFO, and average cost [20–25 min]

Decorative Steel began August with 55 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions:

Units
Aug 3 Sale ........................ 45
8 Purchase................. 75 21
Sale ........................ 70 30
 Purchase................. 10
Unit Cost
$52 $55
Unit Sale Price
$83 $85

Requirements
1. Prepare a perpetual inventory record for the inventory using FIFO.
2. Prepare a perpetual inventory record for the inventory using LIFO.
3. Prepare a perpetual inventory record for the inventory using average cost.
4. Determine the company’s cost of goods sold for August using FIFO, LIFO, and average cost.
5. Compute gross profit for August using FIFO, LIFO, and average cost.