Athletic World began July with merchandise inventory of 80 orates of vitamins that cost a total of $3,000. 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 Cost of Goods Sold Total Cost Unit Cost Total Cost inventory on Hand Total Quantity Cost Quantity Cost 0 Data Table - X Jul 6 Purchase 13 Sale 18 Purchase 28 Sale 120 crates @ 130 Gates @ 130 crates @ 140 crates @ $ $ $ $ 68 each 104 each 72 cach 118 each Print Done Determine the company's gross profit using the FIFO inventory coating methodl Gross profit is using the FIFO inventory costing method. Requirement 2. Prepare a perpetual inventory record, using the LIFO inventory coating 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 coating method. Enter the transactions in chronological order caloulating 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) Cost of Goods Sold Inventory on Hand Purchases Unit Cost Unit Total Total Cost Total Cost Date Quantity Quantity Cost Quantity Cost Data Table Jul 5 Purchase 13 Sale 19 Purchase 120 crates @ 130 crates 130 crates @ 140 crates @ $ $ $ S 58 each 104 each 72 each 110 each 20 Sale 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 marchandise 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 dolor. Purchases Cost of Goods Sold Inventory on Hand Date Quantity Cost Cost Quantity Cost Cost Quantity Data Table Jul 6 Purchase 13 120 rates @ 130 crates @ 130 crates @ 140 crates @ $ $ $ $ 58 cach 104 each 72 each 110 each 18 Purchase Totals L Determine the company's gross profit using the weighted average inventory costing method. Print Done Gross profit is using 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? the business wanted to pay the least amount of income taxes possible, they would choose
