Exercise World began January with merchandise inventory of 90 crates of vitamins that cost a total of $5,850.
During the month, Exercise World purchased and sold merchandise on account as follows:
Exercise World began January with merchandise inventory of 90 crates of vitamins that cost a total of $5,850. During the month, Exercise World purchased and sold merchandise on account as follows: E (Click the icon to view the transactions.) Read the requirements. C. 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 Cost of Goods Sold Unit Total Unit Total Inventory on Hand Unit Total Quantity Cost Cost Date Quantity Cost Cost Quantity Cost Cost Jan. 1 5 13 18| 26 Totals Determine the company's gross profit using the FIFO inventory costing method. Gross profit is using the FIFO inventory costing method. Exercise World began January with merchandise inventory of 90 crates of vitamins that cost a total of $5,850. During the month, Exercise World purchased and sold merchandise on account as follows: E (Click the icon to view the transactions.) Read the requirements. .... 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 Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jan. 1 5 131 18| 26 Totals Determine the company's gross profit using the LIFO inventory costing method. Gross profit is using the LIFO inventory costing method. total of $5,850. During the month, Exercise World purchased and sold merchandise on account as follows: Exercise World began January with merchandise inventory of 90 crates of vitamins that cost E: (Click the icon to view the transactions.) Read the requirements. Gross profit is using 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.) Purchases Cost of Goods Sold Inventory on Hand Unit Unit Total Unit Total Total Cost Date Quantity 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. Gross profit is using the weighted-average inventory costing method. Requirement 4. If the business wanted to pay the least amount of income taxes possible, which method would it choose? If the business wanted to pay the least amount of income taxes possible, they would choose Totals FIFO, Determine the company's gross profit using the weighted average inventory costing method. LIFO. Gross profit is using the weighted average inventory costing method. weighted average. Requirement 4. If the business wanted to pay the least amount of income taxes possible, wh If the business wanted to pay the least amount of income taxes possible, they would choose Data table Jan.5 Purchase 130 crates @ $76 each Jan. 13 Sale 140 crates @ $96 each Jan. 18 Purchase 170 crates @ $86 each Jan. 26 Sale 180 crates @ $118 each Print Done Requirements 2. 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. 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.) 4. If the business wanted to pay the least amount of income taxes possible, which method would it choose? 3. Print Done
