Exercise Gym began July with merchandise inventory of 95 crates of vitamins that cost a total of $3,800. During the month, Exercise Gym purchased and sold merchandise on account as follows:

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?

Jul. 5 Purchase 155 crates @ $71 each Jul. 13 Sale 180 crates @ $114 each Jul. 18 Purchase 193 crates @ $75 each Jul. 26 Sale 200 crates @ $116 each