Fit Gym began July with merchandise inventory of 72 crates of vitamins that cost a total of $3,600. During the month, Fit Gym purchased and sold merchandise on account as follows: B (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 Inventory on Hand Unit Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Unit Total Cost Date Quantity Cost Quantity Cost Data Table Jul. 1 5 Jul. 5 Purchase 120 crates @ $ 78 each 13 13 Sale 130 crates @ $ 96 each 18 Purchase 90 each 124 crates @ $ 130 crates @ $ 26 Sale 112 each 18 26 Print Done Totals 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 Data Table Jul. 1 51 Jul. 5 Purchase 78 each 131 13 Sale 96 each 120 crates @ $ 130 crates @ $ 124 crates @ $ 130 crates @ $ 18 Purchase 90 each 26 Sale 112 each 181 Print 26 Done Totals 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 Inventory on Hand Cost of Goods Sold Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Data Table Jul. 1 5|| 13 78 each Jul. 5 Purchase 13 Sale 96 each 18 120 crates @ $ 130 crates @ $ 124 crates @ $ 130 crates @ $ 26 18 Purchase 90 each 26 Sale 112 each Totals Determine the company's gross profit using the weighted average inventory costing method. Print Done 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