Fit World began January with a merchandise inventory of

65

crates of vitamins that cost a total of

$3,835.

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.)

During the month,

Fit World

purchased and sold merchandise on account as follows:

Fit World began January with merchandise inventory of 65 crates of vitamins that cost a total of $3,835. During the month, Fit World purchased and sold merchandise on account as follows: E: (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 Requirements Total Unit Total Unit Total Data Table Date Quantity Cost Cost Quantity Cost Cost Cost Cost Quantity 65 Jan. 1 59 3835 1. 5 145 80 116001 65 59 3835 Jan. 5 Purchase 145 80 11600 Jan. 13 Sale 2. 13 145 crates @ $80 each 160 crates @ $110 each 170 crates @ $90 each 175 crates @ $118 each 160 110 17600 59 Jan. 18 Purchase 1501 591 8850 Jan. 26 Sale 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. 18 1701 90 15300 Print Done 26 1751 118 4. Totals 315 26900 Print Done 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. Enter any number in the edit fields and then continue to the next