answer all the following questions

Requirement 4. If the business wanted to pay the least amount of income taxes possible, which method would it choose? When inventory costs are rising, LIFO results in the highest cost of goods sold and the lowest gross profit. Lower profits mean lower taxable income; thus, LIFO lets companies pay the lowest income taxes when inventory costs are rising. Low tax payments conserve cash, and that is the main benefit of LIFO. The downside of LIFO is that the company reports low net income. The weighted average method generates amounts that fall between the extremes of FIFO and LIFO. Therefore, companies that seek a "middle-ground" solution, therefore, use the weighted average method for inventory. An inventory costing method approximates the flow of inventory in the business and is used to determine the amount of cost of goods sold and ending merchandise inventory. This is done by using one of four inventory costing methods: 1. Specific Identification 2. First-in, First-out (FIFO) 3. Last-in, First-out (LIFO) 4. Weighted-Average In this problem, we will focus on the last three of the inventory costing methods: FIFO, LIFO, and weighted average. Requirement 3. 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. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted average 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. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost | Quantity Cost Cost Jan. 1 Totals Enter any number in the edit fields and then click Check Answer. Homework: Unit 4 Assignment 2 Seve Score: 10.75 of 15 pts 4 of 4 14 complete HW Soore: 72.71%, 22.72 of 45 pts Question HAPO P6-2BA (similar to) Athletic World began January with marchandise Inventory at 65 crates of vitamins that cast A total of $3,835. During the month, Athletic World purchased and sold marchandise an account Asfalows: Click the icon to view the transactions Read ilu Sir . Gross profit is $ 9.985 using the FIFO inventory costing method Requirement 2. Prepare a perpetual Inventory record, using the LIFO Inventory casting method, and determine the company's cost of goods sold, ending marchandise Inwentory, and gross profit Unit Begin by computing the cast of goods said and cost ofanding merchandise Inventory using the LIFO Inventary coating 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 paratual record calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. Enter the oldest inventary layers first Purchases Cost of Goods Sold Inventory on Hand Unit Total Total Unit Total DADA Quantity Cont Cost quantity COAT | Cart Quantity Coat Cart 65 $ 50$ 3,800 145 $ 80S 11.600 655 585 9,895 1455 805 11,600 145$ OS 11,600 O $ $ 2,900 le sals 385 181 170S 0S 15,300 505 585 2,850 170$ 58 3 35 90 $ 15,300 59 $ 295 S 28.080 Talals 315 $ 26,900 5 2655 Determine the company's gross profit using the UFO inventory coeling method. Gross proh ,570 using the LIFO nventory costing method. Requirement 3. Prepare a perpetual inventory record using the weig ved average inventory coating method and determine the company's cost of goods sold encing marchandise inventory, and grees pront the Bagin by computing the cost of goods sold and cost of endng merdancise inventory using the weighted average inventory casting method Enter the transactions in chronological order, calculating new inventory on hand balances alleresch transacion. Once all of the transactions have been entered in DATALIA necond, calculate the quantity and total cost of marchandise Inventory burchased sold, and an hand at the end of the period (Round weighted average cos por unit to the naast cant and al other amounts to the nearest dollar) Purchases Cost of Goods Sold Inventory on Hand Unit Total Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cast Unit Totals Enter any number in the ecit fields and then cick Check Answer 2 mlning parts CHAT AI Final Check Requirement 4. If the business wanted to pay the least amount of income taxes possible, which method would it choose? When inventory costs are rising, LIFO results in the highest cost of goods sold and the lowest gross profit. Lower profits mean lower taxable income; thus, LIFO lets companies pay the lowest income taxes when inventory costs are rising. Low tax payments conserve cash, and that is the main benefit of LIFO. The downside of LIFO is that the company reports low net income. The weighted average method generates amounts that fall between the extremes of FIFO and LIFO. Therefore, companies that seek a "middle-ground" solution, therefore, use the weighted average method for inventory. An inventory costing method approximates the flow of inventory in the business and is used to determine the amount of cost of goods sold and ending merchandise inventory. This is done by using one of four inventory costing methods: 1. Specific Identification 2. First-in, First-out (FIFO) 3. Last-in, First-out (LIFO) 4. Weighted-Average In this problem, we will focus on the last three of the inventory costing methods: FIFO, LIFO, and weighted average. Requirement 3. 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. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted average 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. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost | Quantity Cost Cost Jan. 1 Totals Enter any number in the edit fields and then click Check Answer. Homework: Unit 4 Assignment 2 Seve Score: 10.75 of 15 pts 4 of 4 14 complete HW Soore: 72.71%, 22.72 of 45 pts Question HAPO P6-2BA (similar to) Athletic World began January with marchandise Inventory at 65 crates of vitamins that cast A total of $3,835. During the month, Athletic World purchased and sold marchandise an account Asfalows: Click the icon to view the transactions Read ilu Sir . Gross profit is $ 9.985 using the FIFO inventory costing method Requirement 2. Prepare a perpetual Inventory record, using the LIFO Inventory casting method, and determine the company's cost of goods sold, ending marchandise Inwentory, and gross profit Unit Begin by computing the cast of goods said and cost ofanding merchandise Inventory using the LIFO Inventary coating 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 paratual record calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. Enter the oldest inventary layers first Purchases Cost of Goods Sold Inventory on Hand Unit Total Total Unit Total DADA Quantity Cont Cost quantity COAT | Cart Quantity Coat Cart 65 $ 50$ 3,800 145 $ 80S 11.600 655 585 9,895 1455 805 11,600 145$ OS 11,600 O $ $ 2,900 le sals 385 181 170S 0S 15,300 505 585 2,850 170$ 58 3 35 90 $ 15,300 59 $ 295 S 28.080 Talals 315 $ 26,900 5 2655 Determine the company's gross profit using the UFO inventory coeling method. Gross proh ,570 using the LIFO nventory costing method. Requirement 3. Prepare a perpetual inventory record using the weig ved average inventory coating method and determine the company's cost of goods sold encing marchandise inventory, and grees pront the Bagin by computing the cost of goods sold and cost of endng merdancise inventory using the weighted average inventory casting method Enter the transactions in chronological order, calculating new inventory on hand balances alleresch transacion. Once all of the transactions have been entered in DATALIA necond, calculate the quantity and total cost of marchandise Inventory burchased sold, and an hand at the end of the period (Round weighted average cos por unit to the naast cant and al other amounts to the nearest dollar) Purchases Cost of Goods Sold Inventory on Hand Unit Total Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cast Unit Totals Enter any number in the ecit fields and then cick Check Answer 2 mlning parts CHAT AI Final Check