Question

# Requirements 1. 2. 3. 4. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. Prepare a perpetual inventory record, using the weighted-average inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.) If the business wanted to pay the least amount of income taxes possible, which method would it choose?/nPurchases Unit Date Quantity Cost Oct. 1 5 13 18 26 Totals example Ge more help Total Cost Cost of Goods Sold Unit Cost Quantity Total Cost Inventory on Hand Unit Quantity Cost Total Cost/nExercise Gym began October with merchandise inventory of 65 crates of vitamins that cost a total of \$3,835. During the month, Exercise Gym purchased and sold merchandise on account as follows: (Click the icon to view the transactions.) Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. 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 of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Cost of Goods Sold Date Oct. 1 5 13 18 docs example Quantity Purchases Unit Cost Get more help. Total Unit Cost Quantity Cost Total Cost Inventory on Hand Unit Quantity Cost Total Cost Clear all Check answer 11:16 PM  Fig: 1  Fig: 2  Fig: 3