K O P Q Health World began January with an inventory of 50 crates of vitamins that cost a total of $1,000. During the month, Health World purchased and sold merchandise on account as follows: A B D E G H M N Accounting for inventory using the perpetual system-LIFO and 1 journalizing inventory transactions 2. Health World began January with an inventory of 50 crates of vitamins that cost a total of $1,000. During the month, Health World purchased and sold merchandise on account as follows: m + Purchase 1 Sale 1 Purchase 2 Sale 2 100 crates @ $ 25 130 crates @ $ 40 90 crates @ $ 30 100 crates @ $ 50 10 11 Health World uses the LIFO method. Cash payments on account totaled $5,500. Operating expenses for the month were 12 $3,000, with two-thirds paid in cash and the rest accrued as Accounts payable. 13 14 Requirements 1. Which inventory method most likely mimics the physical flow of Health World's 15 inventory? 16 2. Prepare a perpetual inventory record, using LIFO cost, for this merchandise. 17 3. Journalize all transactions using LIFO. 18 19 20 21 22