Athletic World began July with merchandise inventory of 80 crates of vitamins that cost a total of $3,600. During the month, Athletic World 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 Unit Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Inventory on Hand Unit Total Quantity Cost Cost Date Quantity 0 Jul. 1 - Data Table X Jul. 5 Purchase 13 Sale 18 Purchase 26 Sale 120 crates @ 130 crates @ 130 crates @ 140 crates @ $ $ $ $ 58 each 100 each 72 each 116 each Print Done Totals Determine the company's gross profit using the FIFO inventory costing method. Gross profit is $ using the FIFO inventory costing method. Requirement 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. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO 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 Unit Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Inventory on Hand Unit | Total Quantity Cost Cost Quantity Date Jul. 1 Data Table Jul. 5 Purchase 13 Sale 18 Purchase 26 Sale 120 crates @ 130 crates @ 130 crates @ 140 crates @ 140 $ $ $ $ 58 each 100 each 72 each 116 each Print Done Totals Determine the company's gross profit using the LIFO inventory costing method. Gross profit is $ using the LIFO inventory costing method. 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 Unit Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Inventory on Hand Unit Total Quantity Cost Cost Quantity Date Jul. 1 | || 18|| 26 Totals Determine the company's gross profit using the weighted average inventory costing method. Gross profit is $ U u sing 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 pay the least amount of income taxes possible, they would choose
