ACCT 101 902 Archie Summer 2019 Homework: Chapter 6 Homework Assignment Score: 0 of 1 pt 1 of 1 (0 complete) HW Score: 06, 0 of 1 P6-28A (similar to) Question Help Fit Gym began October with merchandise inventory of 80 crates of vitamins that cost a total of $3,600 During the mon Fit Gym purchased and sold merchandise on account as follows (Click the icon to view the transactions.) Read the requirements 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.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Oct. 1 600 - X Requirements 5 120 13 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. 130 18 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. 2. 26 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? 3 B00 250 Totals 4. Done - X Data Table 1 58 each 120 crates @ Oct. 5 Purchase 100 each 130 crates @ 13 Sale 72 each 130 crates@ 18 Purchase 102 each 140 crates @ 26 Sale Done Print Check Answer Clear All parts remaining 6 2:53 n