Exercise World began January with merchandise inventory of 70 orates of vitamins that cost a total of $4550 Duning he menth, Exercise Wond purchased and sold merchandise on account as follows F (Clck the icon to view the transactions) Read the requirements Requirement 1. Precare a perpetual inventory record, using the FIFO inventory costing method, and detemine the company's cot of goods sold, ending mechandise inventory, and gross proft Begin by computing the cost of goods sold and cost of ending merchandise inventory uning the FIFO inventory coting method Enter the vansacon in dhronologio onder, caloulating new inventory on hand balances aher each transaon Once all of the tranactions have been entered into the perpetual recond, calculate the quantty and total cost of merchandise inventory purchased, sod, and on hand at the end of the period (Enter the oldest invenry layers firt Cost of Goods Soid inventory on Hand Purchases Total Unit Total Unit Total Unit Cost Cest Cost Cost Quantity Quantity Cest Coet Quantity Dater Data Table Jan. 1 130 os S Jan 5 Purchaser 76 each 13 140 oes S 13 Sale 102 each 150 ertes S 83 each 10 Purchase 26 Sales 160 aws s 106 eah 20 Pent Done Totals Detemine the company's gross proft using the FIFO inventory estng method using he FIFO inventory cestirg method Gross pof in s Requirement 2 Prapane a perpetual inventory recond, using the LIFO inventory oesing method, and determine the company's cost of goods sid, ending merchandise inventory, and gross pro Begin by computing the cost of goods sold and cost of ending merchandise invertory using the LUFO inory oing method Erter he rctons in hongcal ander calculating mew inventory on have been enered ino the pergenual recond, calouate the guantty and c of mehendse invertory purshased, sold and on hand at the end of the period e oldet invertory ayers firt) hand bance er ach trasaction Once all of the tansactons Cost of Good Sold Inventory an Hand Purcheses Totel Totel Tetal Unit Unit Unit Cost Quantity Cost Cost Quanditys Cost Cos Date Quantity Cost Det Table Jan 1 J5 Pha 130 w 7 each 13 s02 each 3 Sale 150 mas a 83 eachs Phase e Sae 20 Print Done Toeain od Detemine Phe oompany's groes prot uning the LIFO inenory costing ne he LIFO inventory ogeho Ooes onda s Requirement 3. Prepare a perpetual inventory record, using the weighted-average inventory costing method, and determine the companys cost of goods sold, ending merchandise invantory, and gross profe Degin by computing the cpst of goods sold and cost of ending merchandise inventory using the weighedeversge inventory conting method Enter the transactons in chronological ander, caloulating new inventory on hand baiances aer each transaction Once all of the ansactions have been entered into the perpetual record, cioulate the quantity and total cost of merchandise inventory purchased, soid, and on hand at the end of the period (Round weighted-average oest per unit to the nearest oent and all other amounts to the nearest dollar) Purchases Cost of Goods Sold Inventory on Hand Unit Tenal Unit Total Tetal Quantity Cost Cost Quantity Cost Coss Daner Quantity Cost Cost h Data Tatbe Jan. 1 5 13 18 130 otes S 7 each Jan 5 Purchase 26 13 Sale 140 arates s s02 each 18 Purthas 150 owes 160 otes@S 108 each 83 each Totalse 26 Sale Detemine the oompany's gross profit using the weighted-average inveory costing method using the weigedaverage inventory costing mehod Gross pro i Print Done whh metod wouid it chooee Requirement 4 e buniness wartedt say the least amoet of ineme tases gossbe rhe business wanted to say the inast amount of inoeme taes oossibie tey wout those This Question: 25 pts comptup 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 (Cick the icon to view the transactions.) Read the requirements e FIFO inventory costing method. Enter the transactions in chronological order, calculating new se inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory Inventory on Hand Unit Total ty i Data Table Jan. 5 Purchase 130 crates @ $ 76 each 140 crates @$ 13 Sale 102 each 150 crates @ $ 18 Purchase 83 each 160 crates @ $ 106 each 26 Sale Print Done at the end of the neriod. (Enter the oldest inventory lavers first) Requirements 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. 1. 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. 2. 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? 3. 4. Done Print Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and detemine the company's cost of goods sold, ending merchandise inventory, and gross proft 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, caloulating new inventory on hand balances after each transaction Once have been entered into the perpetual record, caloulate 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 Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jan 1 13 18 26 Trtals Determine the oompany's gross proft using the FIFO inventory costing method using the FIFO inventory costing method. Gross orofit is S Read the requirements Requirement 2. Prepare a perpetual inventory record, using the LIPO inventory costing method, and deermine the company's cost of goods sold, ending merchandise inventory, and gross proft. Begin by oomputing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method Enter the transactions in chronalogical order, caloulating new inventory on hand balances aher each transaction Once all of the have been enered into the perpetual record, caloulate the quantity and total cost of merchandse inventory purchased, sald, and on hand at the end of the period. (Enter the oldest inventory layers rst) Inventory on Hand Purchases Cost of Goods Sold Unit Total Total Unit Unit Total Cost Cost Quantity Cost Cost Cost Quantity Quantity Cost Date Jan. 11 5l 13 18 26 Tosals Determine the company's gross proft using the LIFO inventory costing method using the LIFO inventory costing method. Gross profit is dons it ending merchandise inventory and gross prof Requirement 3 Prepare a perpetual inventory rcond, uning the weighted-average inventory oosting method, and deemine the company's cost of goods soid, ending menchandise inventory and gross prof Once all of e Eeer the traations in dhrangogical order caiouting new inventory on hard beances aer each raction ighted-avee inentony nesting method Begin by oomputing the cot of goods sold and co of ending menchanddse inventony u soid, and on hand at he nd of the penod(Round wghtedavenage cot prun he neaet cent and all other amours he ea ransactions have been entered into the perpetual record calouate the quandity and soal cest of merchandse inventory pu dolar) Cost of Goode Sold Inventory on Hand Purchases Total Total Unit Total Unita Unit Cost Cost Cost Cost Quantity Cost Quantity Quantity Cost Date Jan 1 13 20 Totas Deemine the oompany's gross proft uning the weighed-avege imventory coting method FIFO Uro. Gross pro is using the weighted-average inventory osting method weigeveg posble, wh Requirement 4the buiness waned to pay the least aourt of income ta It he business wanted to pey e ast amout of income tases oossble hey woud thoose r aemumber in the erte eds and then contiue to the next