1 of 10 This Test: 100p Question t World began May with merchandse Inventory of 80 crates of vitamins that cost a total of $3,600. During the month, Fit World purchased and sold merchandise on account as follows (Clk the icon to view the transactors) ead the teguirements lequirement 1. Prepare a perpetual inventory record, using the FiFO invertory 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 bansaction Once an ore e ansactions entered i layers first.) calculating new inventory on hand balances after e cost of merchandise inventory purchased, sold, and on hand at the end of the period (Enter the oldest inve have been entered into the perpetual record, calculate the quantity and total Purchases Cost of Goods Sold on Hand Unit Total Unit Total Unit Total Data Tabie Dte Quantihy Cost Cost Quentiy Cont Comt QueantityCostCost 3600 6960 May 5 Purchase 120 crates@ 58 each 30 crates 5 108 ach ,8 Purchase 130.ates @ $ each 140 crat.. @ % 110each 120 13 Sale 13 26 Sale 10 ter any number in the edit eids and then continue to the next question Print Done 1 of 10 This Test: 100 pts possiblk Faworld began May with merchandise inventory of 80 ates of vita is that ent a etal oB600 During to mor. Fr wrld prha E gekk the icon to view the transactions) drd iold-hnhrmdii- Read the tequirements Requirement 2. Propare a perpebual Inventory reconed, uning the LIFO Inventory costing method, and detomsine the company's cost ef gods sold ending merchandise inventory and grs Begin by computing the cost of transaction Once all of the tansactions have been entered Into the perpetuali record, caloulate the layers first ) ng the Li cost of FO inventory costing method Enter the ramactions in chronolegical order caluliating new inventory on han b balances afer each otal cost of Cost of Goods Sold Inventory on Hand Total Total Un Total Data Table May 5 Purchase129 58 13 Sale 18 Purchase 130 30craes 108 ac 2 140 orates Pint Doe Enter any number in the edit elds and then continue to the next question 1 of 10 This Question: 10 pts Ft World began May with merchandise inventory of 80 crates of vitamins that cost a total of $3,600. During the month, Fit World purchased (Click the icon to view the transactions.) Read the requirements Unitlotal otal Cost Unit lotal Unit Date Quantity CostCost Quantity Cost CostQuantity Cost May 1 13 18 26 Totals Determine the company's gross profit using the weighted-average inventory costing method Gross profit is S using the weighted-average inventory costing method Requirement 4. If the business wanted to pay the least amount of income taxes possible, which method would it choose? If the business wanted to oav the least amount of income taxes oossible, thev would choose Enter any number in the edit fields and then continue to the next question Save for Later