Could use some help with my Homework thank you

Enter the transactions in chronological order, calculating new inventory on hand ba ventory purchased, sold, and on hand at the end of the period. (Enter the oldest in Data Table 156 crates @ $64 each 180 crates @ $96 each May 5 Purchase May 13 Sale May 18 Purchase May 26 Sale 114 crates @ $75 each 150 crates @ $106 each C Print Done Requirements 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. Universe began Mwy with merchandise inventory of 78 crates of vitamines that cost a total of 54.790. During the month, Fit Universe purchased and sold merchandise on account as followe I! 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 grouprott. 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, wovoting new inventory on hand balances there Once wi of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, old, and on hand at the end of the period. (Enter the oldest inventory life Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cout Cost May 1 13 18 26 Totale Determine the company's gross profit using the FIFO Inventory costing method Gross profitis using the FIFO inventory cooting method Requirement 2. Prepare a perpetual inventory record, using the LIFO inventory couting method, and determine the company's cost of goods sold, ending merchandise inventory, and gros pro 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 marchandise inventory using the LIFO inventory costing method Enter the transactions in chronological order, calculating new nventory on and her 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 ( Ethelesine 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 Cost 5 13 18 26 Totals Determine the company's gross profit using the LIFO inventory costing method Gross profis using the LIFO inventory costing method Requirement 3. Prepare a perpetual inventory recording the weighted average inventory costing method, and in the company's cost of goods and get me Begin by computing the cost of goods sold and cont of ending merchandise inventory using the weed average inventory costing method. Enter the transaction in the gardering the transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandie Inventory purchased it and on and the end of the produd yo the nearest cant and all other amounts to the nearest dolar) 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 5 13 18 20 Totals Determine the company's grous profit using the weighted average Inventory costing method Gross profis using the weighted average inventory costing method Requirement 4. If the business wanted to pay the least amount of income possible, which method wchome? the business wanted to pay the least amount of income taxes pouble they would choose Requirements 1. Journalize any required entries. 2. At what amount should the company report merchandise inventory on the balance sheet? 3. At what amount should the company report cost of goods sold on the income statement? 4. Which accounting principle or concept is most relevant to this situation? Print Done Some of G and Electronics merchandise is quitering dust. It is now December 31, 2004, and the current replacement cost of the ending merchandise eventory s 520.000 between cool te good to be any adjustments at the end of the period, the company's cost of Goods Sold rccount has a balance of $300,000 Read the Requirement 1. Journalize any required entries. Record debts firit, then credits Select the explanation on the last fine of the journal artytti. For aluations that do not own ryme nursery Fiorente fint out in the Accounts com and leave all other collie blank.) The required journal entry would be Date Accounts and Explanation Debi Credin Dec 31 Requirement 2. At what amount should the company report merchandise inventory on the balance ? and Ashould report merchandise inventory on the balance sheet at Requirement. At what amou should the company report cost of goods sold on the income Moment? O and Ashould report cost of goods sold on the income statement at Requirement 4. Which accounting principle or concept is most relevant to the ston is the reason to count for merchandisinventory Data Table 2025 2024 2023 $ 209,000 $ 166,000 $ 172,000 $ 38,000 $ 14,000 136,000 $ 20,000 100,000 87.000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit Operating Expenses 125,000 150,000 26,000 120,000 14,000 20,000 124,000 106,000 105,000 85,000 58,000 60,000 35,000 67.000 35,000 Net Income $ 27.000 S 25,000 $ 32,000 . Requirements 1. Prepare corrected income statements for the three years. 2. State whether each year's net income-before your correctionsis understated or overstated, and indicate the amount of the understatement or overstatement 3. Compute the inventory turnover and days' sales in inventory using the corrected income statement for the three years. (Round all numbers to two decimals.) Plush River Carpets' books show the following data Click the loon to view the income statement In early 2026, adors found that the ending merchandise Inventory for 2023 we understated by $1.000 and that the ending merchandise nentory of 2025 es verstood by 8.000 The ending ruthandoverty December 31, 2004 was come Read the 2023 Ending Merchandise Inventory Understated by 14.000 Requirement 1. Prepare corrected income statements for the years Plush Hiver Carpet Become Statement For the Year Ended December 31, 2025, 2024 and 2073 2004 Ending Merchandise Inventory Overstated by $5.000 Correct Nave Cost of Goods Bol Degre Merchand Inventory Neout inventory Path Cofnod Availee Lors de Merchandiery Code Crown Proti Operating pero Income MINI Requirement 2. State whether each year's net income before your corrections understated or overstated, and indicate the amount of the understatement or vestment Prior to correction net income was Year 2025 2024 2023 Requirement. Compute the inventory tumover and days' sales in inventory using the corrected income statement for the three years (Round all numbers to two decimal Select the labels and enter the amounts to computo inventory tumover for each year (Round your answer to decimal places. XXX) Inventory tumover 2025 times 2024 times 2023 times Now select the labels and enter the amounts to compute days' sales in Inventory for each year (Enter amounts to two decimal places, XXX) Days sales in inventory 2025 days 2024 days 2023 days