CYU6-1 (similar to) Question Help l ra ues and leather goods. Metal Watch uses the perpetual inventory system. Assume Metal Watch began June holding 15 wristwatches that cost $20 each During June, Metal Watch bought and sold inventory as follows Met ransactions.) Read the requirements Requirement 1. Prepare a perpetual inventory record for Metal Watch using the FIFO, LIFO, and weighted-everage inventory costing methods. Begin by preparing a perpetual inventory record using FIFO. Start by entering the beginning inventory balances. 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.) FIFO: Requirements Cost of Goods Sold Purchases Inventory on Hand Unit Total Total Total Unit Unit Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 1. Prepare a perpetual inventory record for Metal Watch using the FIIFO, LIFO, and weighted-average inventory costing methods Jun. 2. Journalze all or Metal vie nd che o June under a l three Explanations are not required. 16 3 Show the computation of aross profit for each methad. 4. Which method maximizes net income? Which method minimizes income taxes? 23 Print Done Totals 4. Which methoc - X More Info 3 Sold 10 units for $150 each Jun 16 Purchased 14 units at $39 each. 23 Sold 12 units for $150 each. Print Done