Homework: Lab Assignment #6 Save Score: 0.17 of 1 pt 1 of 1 (1 complete) HW Score: 16.54%, 0.17 of 1 pt PF6-28A (similar to) Question Help The Athlete began July with merchandise inventory of 72 crates of vitamins that cost a total of $3,600. During the month, The Athlete purchased and sold merchandise (Click the icon to view the transactions) Read the requirements on account as follows 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 Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 725 50 $ 3,600 Jul. 1 50 ol 10le en Enter any number in the edit fields and then click Check Answer Clear All Check Answer 5 parts remaining core: 0.17 of 1 pt 1 of 1 (1 complete) HW Score: 16 54% PF6-28A (similar to) Questi he Athlete began July with merchandise inventory of 72 crates of vitamins that cost a total of $3,600 During the month, The Athlete purchased and solc n account as follows: (Click the icon to view the transactions.) ead the requirements 31 3. U UU JUU 120$ 78 $ 9,360 13 72 $ 50 $ 625 78$ 4,836 3,600 4,524 58 $ 78$ 18 124 $ 90 $ 11,160 625 78$ 4,836 124 $ 90 $ 11,160 90S 5,040 26 62 $ 785 4,836 56 $ 68 $ 901 S 6,120 244 $ 20,520 260 Totals $ 19,080 $ 56 5,040 er any number in the edit fields and then click Check Answer PF6-28A (similar to) ne Athlete began July with merchandise inventory of 72 crates of vitamins that cost a total of $3,600. During the month, The Athlete purchas account as follows: (Click the icon to view the transactions.) ead the requirements 58 $ 78 $ 4,524 18 124 $ 90 $ 11,160 62 $ 78 S 4,836 124 $ 90 $ 11,160 26 621 $ 78$ 4,836 56$ 90 $ 5,040 68 $ 90 $ 6,120 $ 20,520 $ $ 19,080 260 244 5,040 56 Totals Cermine the company's gross profit using the FIFO inventory costing method. oss profit is 7.700 using the FIFO inventory costing method er any number in the edit fields and then click Check Answer Clear All parts with merchandise inventory of 72 crates of vitamins that cost a total of $3,600. During the month, The Athlete pun iew the transactions.) Data Table - X $ 90 $ 11,160 36 Jul. 5 Purchase 160 Jul. 13 Sale 040 120 crates @ $78 each 130 crates @ $100 each 124 crates @ $90 each 130 crates @ $106 each Jul. 18 Purchase $ 20,520 Jul. 26 Sale 040 s gross profit using the Print Done -700 using the FIFO iny edit fields and then click Check Answer 1 of 1 (1 complete) HW Score: 16.54 (similar to) Ques aily with merchar He purchased and s i view the transa Requirements - X 4 $ 90 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. 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. 3. 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.) 4. If the business wanted to pay the least amount of income taxes possible, which method would it choose? ay's gross profil 7.700 using Print Done ne edit fields Clear All Check An