Requirements

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.

2. 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./n3. 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.)

4. If the business wanted to pay the least amount of income taxes

possible, which method would it choose?