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. 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? Atlas Gym began January with merchandise inventory of 70 crates of vitamins that cost a total of $4,550. During the month, Atlas Gym purchased and sold merchandise on account as follows: (Click the icon to view the transactions.) Read the 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 period. (Enter the oldest inventory layers first.) Determine the company's gross profit using the FIFO inventory costing method. Gross profit is using the FIFO inventory costing method. 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. 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? Atlas Gym began January with merchandise inventory of 70 crates of vitamins that cost a total of $4,550. During the month, Atlas Gym purchased and sold merchandise on account as follows: (Click the icon to view the transactions.) Read the 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 period. (Enter the oldest inventory layers first.) Determine the company's gross profit using the FIFO inventory costing method. Gross profit is using the FIFO inventory costing method
