Fit Universe began July with merchandise inventory of 80 crates of vitamins that cost a total of $3,600. During the month, Fit Universe purchased and sold merchandise on account as follows: (Click the icon to view the transactions.) i X Data Table Fo inventory costing method, and determine the company's cost of goods sold, ending handise inventory using the FIFO inventory costing method. Enter the transactions in Jul. 5 Purchase 120 crates $58 each Jul. 13 Sale 130 crates @ $108 each r. Jul. 18 Purchase 130 crates @ $72 each Jul. 26 Sale 140 crates @ $110 each Clear All Check Answer 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 Jul. 1) 80 45 3600 Jul. 11 80 45 36001 5 120 58 6960 80 45 3600 120 58 6960 13 10 45 450 40 45 1800 120 58 6960 18 130 72 9360 26 Fit Universe began July with merchandise inventory of 80 crates of vitamins that cost a total of $3,600. During the month, Fit Universe purchased and sold merchandise on account as follows: (Click the icon to view the transactions.) Read the requirements. 120 58 6960 13 10 45 450 40 45 1800 120 58 6960 18 130 72 9360 26 Totals