Drag Strip, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Tempe, Arizona, location follow: (Click the icon to view the purchases and sales.) Read the requirements. Requirement 1. Determine the amount that would be reported in ending merchandise inventory on July 15 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 all amounts to the nearest cent, $X.XX. Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jul. 2 6 Totals 8 13 14 Requirement 2. Determine the amount that would be reported in ending merchandise inventory on July 15 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 all amounts to the nearest cent, $X.XX. Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jul. 2 Totals 8 13 14 Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Date Quantity Cost Cost Quantity Cost Total Cost Unit Total Quantity Cost Cost Jul. 2 6 8 13 14 Totals Requirement 3. Determine the amount that would be reported in ending merchandise inventory on July 15 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. (Enter all amounts to the nearest cent, $X.XX) Purchases Cost of Goods Sold Unit Date Quantity Cost Total Cost Quantity Unit Cost Total Cost Quantity Inventory on Hand Unit Cost Total Cost Requirement 3. Determine the amount that would be reported in ending merchandise inventory on July 15 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. (Enter all amounts to the nearest cent, $X.XX.) Purchases Cost of Goods Sold Unit Total Unit Total Inventory on Hand Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jul. 2 6 8 13 Totals 14 More info Jul. 2 Purchased 10 gallons @ $1.60 each Jul. 6 Purchased 2 gallons @ $1.90 each Jul. 8 Sold 4 gallons of milk to a customer Jul. 13 Purchased 2 gallons @ $2.35 each Jul. 14 Sold 4 gallons of milk to a customer Requirements I 1. Determine the amount that would be reported in ending merchandise inventory on July 15 using the FIFO inventory costing method. 2. Determine the amount that would be reported in ending merchandise inventory on July 15 using the LIFO inventory costing method. 3. Determine the amount that would be reported in ending merchandise inventory on July 15 using the weighted-average inventory costing method. (Round all amounts to the nearest cent, $X.XX.)