Exercise Gym began July with marchandise inventory of 80 crates of vitamins that cost a total of $3,600. During the month, Exercise 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, 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 goods sold and cost of ending merchandise inventory 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 the oldest inventory layers first) Purchases Cost of Goods Sold Inventory on Hand - Unit Dule. Quantity Cost Total Cost Unit Total Unit Total Data table Quantity Cost Cost Quantity Cost Cost Jul 1 80 45 3500 5 120 58 6960 80 45 3600 Jul. 5 Purchase 120 crates @$58 each 120 58 6960 Jul, 13 Sale 00 45 3600 70 58 4060 13 50 58 2900 Jul. 18 Purchase Jul. 26 Sale 130 crates 598 each 130 crates $72 each 140 crates @5118 each 18 130 12 9360 70 58 4060 130 12 9360 26 70 70 58 4060 72 Print Dono Totals 250 Determine the company's gross profil using Ure FIFO riverlory costing method Gross profit le using the FIFO inventory costing method. - X Requirement 2. Prepara a perpetual inventory racord using the LIFO inventory custing method, and determine the company's cast of gonds sold, ending merchandise inventory, and gross prot 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 trave been entered into the perpetual record, calculate the quantity and total cost of marchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first) Purchases Cost of Goods, Sold Init Total Date Quantity Cust Cust Quantity (Init Cust Total Cust Quantity Inventory on Hand Unit Cost Total Cost Submit test