Express Lane, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Schenectady, New York location follow (Click the icon to view the purchases and sales) Read the requirements. Requirement 1. Determine the amount that would be reported in ending merchandise inventory on July 15 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 all amounts to the nearest cent, SX XX. Enter the oldest inventory layers first) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Quantity Cost Cost Quantity Cost Cost Jul. 2 12 225 27 12 225 27 240 144 6 144 Cost 6 240 Express Lane, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Schenectady. New Foll, location follow (Click the icon to view the purchases and sales.) Read the requirements * More Info 13 Jul. 2 Purchased 12 gallons @ $225 each Jul 6 Purchased 6 gallons @ $2.40 each Jul 8 Sold 7 gallons of milk to a customer Jul 13 Purchased 3 gallons @ 53.00 each Jul 14 Sold & gallons of milk to a customer 14 Totals Print Done www.marin that helds and then click Check Answer . i More Info W Jul. 2 Jul. 6 Jul. 8 Purchased 12 gallons @ $2.25 each Purchased 6 gallons @ $2.40 each Sold 7 gallons of milk to a customer Purchased 3 gallons @ $3.00 each Sold 4 gallons of milk to a customer Jul. 13 Jul. 14 Print Done X i Requirements 1. Determine the amount that would be reported in ending merchandise inventory on July 15 using the FIFO inventory costing method. 2. Determine the amount that would be reported in ending merchandise inventory on July 15 using the LIFO inventory costing method. 3. Determine the amount that would be reported in ending merchandise inventory on July 15 using the weighted-average inventory costing method. (Round all amounts to the nearest cent, $X.XX.) Print Done