Exercise World began May with merchandise inventory of 95 crates of vitamins that cost a total of $3,800. During the month, Exercise World purchased and sold merchandise on account as follows: (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 - X Unit Total Unit Total Inventory on Hand Unit Total Quantity Cost Cost Requirements Data Table Date Quantity Cost Cost Quantity Cost Cost May 1 1. 155 crates @ $71 each 511 2. May 5 Purchase May 13 Sale May 18 Purchase May 26 Sale 180 crates @ $114 each 193 crates @ $75 each 200 crates @ $116 each 13 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.) If the business wanted to pay the least amount of income taxes possible, which method would it choose? 3. 181 Print Done 26 4. Totals Print Done Determine the company's gross profit using the FIFO inventory costing method. Gross profit is using the FIFO inventory costing method