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Fit WorldFit World began OctoberOctober with merchandise inventory of 76 crates of vitamins that cost a total of $4,560. During the month, Fit WorldFit World
Fit WorldFit World began OctoberOctober with merchandise inventory of 76 crates of vitamins that cost a total of $4,560. During the month, Fit WorldFit World purchased and sold merchandise on account as follows:
140 crates @ $ 87 each Oct. 5 Purchase $ 13 Sale 160 crates @ 98 each 154 crates @ 18 Purchase 91 each crates @ $ 26 Sale 200 118 each 1 perpetual inventory record, using the FIFO inventory costing Prepare method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. 2. Prepare method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. perpetual inventory record, using the LIFO inventory costing 3. Prepare 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.) perpetual inventory record, using the weighted-average inventory 4. If the business wanted to pay the least amount of income taxes possible, which method would it choose? CAStep by Step Solution
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