began with 78 crates woth cost total of $4,290
tiqneba it and ers i - 1 Data Table G u CO 156 crates @ $64 each May 5 Purchase May 13 Sale 180 crates @ $98 each May 18 Purchase 114 crates @ $75 each 150 crates @ $102 each May 26 Sale est of me of th inve * Requirements Qua 1. 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. 4. > Requirement 1. Propare a perpetual hory record, using the FIFOwentory costing method, and determine the cost of good conding merchandisinvertory, and gross pro Begin by computing the cost of goods sold and contending merchandise inventory using the PFO inventory cold her intercoolering new inventory on hand bachadon Once wi of the transactions ave been hered into the perpetual record, cool the quantity and cost of much wory on hand at the end of the period Erlier the envertory layers Purchases Cost of Goods Inventory on Hand Unit Total Unit Total Unit Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost May 1 5 13 16 26 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 med and determine the company's cost of goods sold, ending marchandise invertory, and gross pro Begin by computing the cost of goods sold and cost of onding merchandise vertory using the LIFO inventory costing method ter the transactions in chronological order, calor new inventory on hand balances for each action Once will of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise very purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers frst) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost May 1 5 13 TE 26 Totalls Determine the company's gross profit using the LIFO inventory costing method Gross profis using the LIFO inventory costing method merchandise inventory, and gross profit Requirement 3. Prepare a proventory cording the weighted average inventory costing method and down the company could goodsondig merchandise intory and gosspro. Begin by computing the cost of goods sold and cost of onding merchandise invertory using the weighted average inventory costing method for the transactions in chronological order, calculating new invertory on hand balances arcach transaction. One of the transactions have been redo the purpokal record, chegando as infory pred sold and on hand at the end of the period. Round hverage cost pent to the rest on and all other mounts to the neares) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost May 1 5 13 18 26 Totals Determine the company's gross profit using the weighted average inventory costing method Gross profis using the weighted average inventory costing method Fit Gym began May with merchandise inventory of 78 crates of vitamins that cost a total of 54.290. During the month, Fe Gym 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, usind 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 onding merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand 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 oldestin Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost May 1 5 Quantity 13 18 26 Totals Dermine the company's grous profit using the FIFO inventory costing method Gross profit is using the FIFO inventory costing method Requirement 2. Prepare a perpetual invertory record, using the LIFO inventory conting method, and determine the company's cost of goods sold, ending merchandise inventory and gross prote
