Homework: Unit 4 Assignment 2 Score: 0 of 15 pts P6-28A (similar to) 4 of 4 (3 complete) HW Score: 53.5%, 24.07 of 45 pts Question Help Fit Gym began May with merchandise inventory of 80 crates of vitamins that cost a total of $3,600. During the month, Fit Gym purchased and sold merchandise on account as follows EEB(Click the icon to view the transactions.) Read the reguirements 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 UnitTotal Unit Total Cost Quantty costCost Quantity Cost Cost Date Quantity Cost 80 80 120 45 45 58 58 3,600 3,600 8410 May 1 120 58 6960 453600 13 18 130 72 9,360 26 16320 Totals 250 actions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the of the period. (Ent i Requirements st 3,600 3,600 8410 Date Quantity 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? 1. May 1 12 2. 13 3. 18 1 4. 26 Print Done Totals 25 ter any number in the edit fields and then click Check Answer Inventory on Hand itTotal Unit Data Table Cost Date Quanityst 45 45 58 58 3,600 3,600 8410 May 1 120 May 5 Purchase120 crates@$58 each 130 crates$ 104 each 18 Purchase130 crates @ 72 dach 13 Sale 13 26 Sale 140 crates @S 118 each 18 130 PrintDone 26