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. 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 i Unit Cost Cost of Goods Sold Unit Total Quantity Cost Cost Data Table Total Cost Date Quantity Inventory on Hand Unit Total Quantity Cost Cost 4550 65 4550 76 9880 Jan. 1 130 76 9880 Jan. 5 Purchase 13 Sale 18 Purchase 26 Sale 130 crates @ 140 crates @ 150 crates @ 160 crates @ $ $ $ $ 76 each 102 each 83 each 118 each 4550 150 | 83 12450 Print Done Enter any number in the edit fields and then continue to the next question. 280 _22330 Totals 22330 Determine the company's gross profit using the FIFO inventory costing method. Gross profit is $ U u sing 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 profit. 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 first.) Purchases Cost of Goods Sold Inventory on Hand Total Unit Total Unit Total Unit Cost Quantity Cost Quantity Cost Cost Quantity Cost Cost Date Jan. 1 Totals Determine the company's gross profit using the LIFO inventory costing method. Gross profit is $ L u sing the LIFO inventory costing method. Requirement 3. 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. 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 weighted-average 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. u . (9u .) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Cost Total Cost Quantity Cost Cost Quantity Quantity Cost Cost Date Jan. 1 26 Totals N Determine the company's gross profit using the weighted average inventory costing method. FIFO. Gross profit is $ L u sing 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
