Fit Gym began January with merchandise Inventory of 78 crates of vitamins that cost a total of 54,290. During the month, Fit Gym 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 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 Incorre 5 13 18 me account as follows: Fit Gym began January with merchandise inventory of 78 crates of vitamins that cost a tot of 54,290 During the month, a Gym purchased and told merchandise on Click the icon to view the transactions.) Read the requirements order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, close the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layer fest Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Cost Quantity Cost Jan 1 5 13 18 26 Totals Check Answer number in the edit fields and then click Check Answer Clear All the per d ba nver X Data Table entory lay Tota Jan. 5 Purchase 156 crates @ $ 64 each Cos 13 Sale 180 crates @ $ 100 each 18 Purchase 114 crates @ $ 75 each 26 Sale 150 crates @ $ 116 each Print Done Requirements cha 1. cha 2. Cos 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 soigi , 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. 4. Print Done