Athletic World Athletic began January with merchandise inventory of 70crates of vitamins that cost a total of $ 4,550. During the? month, Athletic World purchased and sold merchandise on account as? follows:

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.)

rement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of good by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method Enter the tr all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purc Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Cost Quantity CostCost Date Quantity Cost Cost Quantity Cost Jan. 1 13 18 26 Enter any number in the edit fields and then click Check Answer Clear All parts remaining