Fit Universe began October with merchandise inventory of 76 crates of vitamins that cost a total of $4,560. During the month, Fit Universe 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 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 Requirements Date Quantity Cost Cost Quantity Cost Quantity Cost Cost Cost Oct. 1 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost inventory, and gross profit. 2. Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the 5 goods sold, ending merchandise 13 company's cost 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.) f goods sold, ending merchandise 18 3. 26 Totals 4. If the business wanted to pay the least amount of income taxes possible, which method would it choose? Data Table crates Print Done S 87 each Oct, 5 Purchase 140 crates 96 each 13 Sale 160 a crates 91 each 18 Purchase 154 crates 26 Sale 200 108 each Print Done