Exercise World began January with merchandise inventory of 70 crates of vitamins that cost a total of $4,550. During the?month, ExerciseWorld purchased and sold merchandise on account as?follows:
Exercise World began January with merchandise inventory of 70 crates of vitamins that cost a total of $4,550. During the month, Exercise World purchased and sold merchandise on account as follows: a (Click the icon to view the transactions.) Read the muirements. Requirement 1. Prepare a perpetual inventory reoord, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross prot. 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 reoord, 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 rst.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total 0 Data Table Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 70 65 4550 70 65 4550 Jan. 5 Purchase crates @ 130 76 9880 13 Sale crates @ 18 Purchase crates @ 26 Sale crates @ Print Done Enter any number in the edit fields and then continue to the next question. Determine the company's gross prot using the FIFO inventory costing method. Gross prot is $ using the FIFO inventory costing method. Requirement 2. 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 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 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 rst.) Purchases Cost of Goods Sold Inventory on Hand Date Quantity Quantity Cost Quantity Cost Jan. 1 s | 13 13 18 26 Determine the company's gross prot using the LIFO inventory costing method. Gross prot is $ using the LIFO inventory costing method. Requirement 3. Prepare a perpetual inventory record, using the weightedaverage inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross prot. Begin by computing the cost of goods sold and cost of ending merchandise inventory 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. (Round weightedaverage cost per unit to the nearest cent and all other amounts to the nearest dollar.) Exercise World began January with merchandise inventory of 70 crates of vitamins that cost a total of $4,550. During the month, Exercise World purchased and sold merchandise on account as follows: (Click the icon to view the transactions.) Read the requirements. Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jan. 1 5 13 18 26 Totals Determine the company's gross profit using the weighted-average inventory costing method. FIFO. Gross profit is $ using the weighted-average inventory costing method. LIFO. Requirement 4. If the business wanted to pay the least amount of income taxes possible, wh weighted-average. If the business wanted to pay the least amount of income taxes possible, they would choose
