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I had put the numbers there but idk if I'm right. Feel free to remove them Fit Planet began January with merchandise inventory of 76
I had put the numbers there but idk if I'm right. Feel free to remove them
Fit Planet began January with merchandise inventory of 76 crates of vitamins that cost a total of $4,560. During the month, Fit Planet purchased and sold merchandise on account as follows: BE: (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 Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Cost Quantity 76 Cost 4,560 60 Jan. 1 5 140 87 12,180 76 60 4,560 140 87 12,180 13 18 154 91 14,014 26 Totals 1 Data Table Jan. 5 Purchase Jan. 13 Sale Jan. 18 Purchase 140 crates @ $87 each 160 crates @ $100 each 154 crates @ $91 each 200 crates @ $106 each Jan. 26 Sale i Requirements 1. 2. 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. 4Step by Step Solution
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