Exercise Oym began July with merchandse inventory of 65 crates of vitamins that cost a total of $3,835 During the month, Exercise Gym purchased and sold merdhandse on accourt as folows: Read the requirements Requirement 1.Prepare a perpetual inventory recond, using the FIFO inventory costing method, and detemmine the company's cost of goods sold, ending merchandise iInvertory, and grows prat the icon to view the transactions Begin by computing the oost of goods sold and cost of ending merchandise inventory uning the FIFO Inventory costing method Enter the transactions in onological order, calaulating new inventery on hand belances after each transaction Once all of the transactions have been entered into tre perpetual record, calculate the quantity and total cost of merchandise inventory punchased, sold, and on hand at the end ol the peried. (Enter the oideet nventory layers frst Cost of Goods Sold y on Hand Unit Tta Unt Total UnitTotal Date Quantity Cost Coat Quantity Cost stQuantity Cest Cost 6 3,835 6s 9 3,833 145 80 11,800 50 8 4000 145 8 11,800 65 S 595 3.835 95 80 s 7 170 90 15,300 50 $80 4000 170 90$ 15,300 Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date QuantitystCost Quantity CostCostQuantity Cost Cost 65 $ 59 $ 3,835 65 $ 59 3,835 145 80 S 11,600 50 $80 4,000 Jul. 1 145 S80 S 11,600 13 65 59 S3,835 95 80 7,600 170 S 90 15,300 50 $80 $ 4,000 170 90 S 15,300 45 S 90 S 4,050 18 50 $804,000 125 S90 S 11,250 S 26,685 26 Totals 315 $ 26,900 335 S 4,050 45 Enter any number in the edit fields and then click Check Answer HB Clok the loon to vies the transactions) Determine the company's gross profit using tre FIFO inventory costing method Requirement 2.Prepare a perpetual inventory recond, using he LIFO inventory cooting method, and determine the company's cost of goods sold, ending menchandise inventory, and gross pro Begin by compuling the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. Enter the transactions in chronolegical onder, calaulating new inventory on hand balances aher each transacton. Once of tetrarsactions have been ertered rto the perpetal second calalate Po quantty and ofmerchandse motory parhanod sold and on hand athe end ofthe penoddater tea mentyynfru) Unit Total Unit Total Unilt Tota -Quantity! Coat-I cost .+ Quantity Cost-Cost-Quantty! Cost Cost 65 $ 59 3,835 5 $59 3,835 45$11,800 0 9 2.950 145 0 11,800 145 s 11,000 151% , 591% 885 Enter any number in he edit fields and then click Check Answer Cost of Goods Sold Inventory on Hand Purchases Unit Total Unit Total Unit Total Date Quantity Cost CostQuantity Cost ostQuantity Cost Cost 65 $59 $3,835 65 $59 $ 3,835 145 $80 11,600 50 $ 59 2,950 Jul. 1 5 145 s 80 S 11,600 145 80 11,600 15 59 $885 13 170 90 S 15,300 50 S 59 2,950 170 $ 90 S 15,300 45 $59 $ 2,655 18 170 S 90 15,300 5 59 S 295 S 28,080 26 Totals 315 S 26,900 335 45 $2,655 5 S 59 s 295 $ 28,080 S 26,900 $ 2,655 Totals 335 Determine the company's gross profit using the LIFO inventory costing method. Gross profit is $ using the LIFO inventory costing method. Enter any number in the edit fields and then click Check
