Fit Gym began October with marchandise Inventory of 72 crates of vitamines that cost a total of 53,600. During the month, Fit Gym purchased and told marchandise on account as follows: (Click the icon to view the transactions) Read the requirements on Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory conting 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 fest) Requirements 1. 2. 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. 4. Purchases Inventory on Hand Total Cost of Goods Sold Unit Total Quantity Cost Cost Unit Cost Unit Total Date Quantity Cost Quantity Cost Cost Oct. 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. 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 Oct. 1 5. 13 18 26 Totals Determine the company's gross profit using the LIFO inventory costing method Gross profit is using the LIFO inventory conting method. Requirement 3. Prepare a perpetual inventory record, using the weighted average Inventory costing method, and determine the company's cost of goods told 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) Ft Gym began October 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: (Click the icon to view the transactions.) Read the requirements Requirements 1. 2. 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. 4. Print Done Purchases Cost of Goods Sold Unit Total Unit Total Inventory on Hand Unit Total Quantity Cost Cost Date Quantity Cost Cost Quantity Cost Cost Oct. 1 5 13 18 26 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 Data Table Oct. 5 Purchase 120 crates @ $78 each Oct. 13 Sale 130 crates @ $108 each Oct. 18 Purchase 124 crates @ $90 each Oct. 26 Sale 130 crates @ $112 each Print Done