Athletic World began May with merchandise inventory of 95 crates of vitamins that cost a total of $ 3 comma 800. During the month, Athletic World purchased and sold merchandise on account as follows:
Athletic World began Mey with merchandise Inventory of 95 crates of vitamine that cost a total of $3,800. During the month, Athletic Word purchased and sold merchandise on account es follows: (Click the icon lo 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 poods sold and cost of endng merchandise Inventory usng the FIFO inventory coating method Enter the transactions in chronological onder Calculating now inventory on hand balances after sach transaction. Once all of the transactions have been erfared 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 Unit Total Unit Inventory on Hand Unit Total Quantity Cost Cost 40 saco i Total Cost Requirements Quantity Cost Cost Quantity Cost Date May 1 155 71 11,005 1. 11,005 i Dala Table 1041 18720 2. Prepare a perpetual inventary record, using the FIFO inventary coating method and drinminn the company's staf gnarssold, andinn merchandise inventary, and gross profit. Prepare a perpetual Inventory record, using the LIFO Inventory coating method, and determne the company's oost or goods sold, ending merchandise Inventory, and gross protit. Prepare a parpelual inventary record, using the weighted average inventory Cusling mellod, and delerrine the company's cusl al quais sold, eriting merchandise inventory, and gross profil. Round weighted average coet per unit to the nearest cent and all other amounts to the nearest doller.) If the busines wanted to pay the lans: amount of income taxes possible, which method would chanse? 3. May 5 Purchase 13 Sale 18 Purch29 26 Sale 155 crates & 180 crates 183 crates 200 crats@ $ $ $ $ 71 esch 104 each 75 esch 100 each 4. | Tolas Print Donc Determine the company's gross profit using the FIFO inventory coeting method. Print Done Gross profit is using the FIFO inventory casting 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 Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Requirements Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost May 1 1. Data Table 2. 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. 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. 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. May 5 Purchase 13 Sale 155 crates @ 180 crates @ 193 crates @ 200 crates @ $ $ $ $ 71 each 104 each 75 each 106 each 18 Purchase 26 Sale 4. Totals Print Done Print Done 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 Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Requirements Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost May 1 Data Table 13 18| 26 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. 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. 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? Totals N May 5 Purchase Determine the company's gross profit using the weighted-average inventory costing method. 13 Sale 155 crates @ 180 crates @ 193 crates @ 200 crates @ $ $ $ $ 71 each 104 each 75 each 106 each 18 Purchase 4. Gross profit is $ using the weighted-average inventory costing method. 26 Sale Requirement 4. If the business wanted to pay the least amount of income taxes possible, which method would it choose? Print Done If the business wanted to pay the least amount of income taxes possible, they would choose Print Done Entor annumhor in thoodit fields and thon continue to the noyt auction
