need help with requirement 2!!!

Watches R Us species in designer watches and later Watches Watch the legending to the 180 ch. During one. Watches Un bought and oldery stores Begin by preparing Frost by ingrethe ways and traction. Once the actions were entered to the perfect they do of merchandisery purcha, old, wd and the end of the priorytet) Purches Costed Total Cau Unit Total Date Com Com 10 50 50 300 00 50 500 10 30 10 dandanand Read the requirements 10 be 580 23 2 50 100 6 56 336 58 224 Totals 10 560 16 836 224 Prepare a perpetual inventory record using LIFO. Start by entering the beginning inventory balances. Enter the transactions in chronological perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Ente LIFO: Purchases Cost of Goods Sold Inventory on Hand Unit Total Units Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Cost Cost Quantity 101 Jun. 1 50 500 3 8 50 400 50 100 2 2 16 10 56 560 50 10 58 23 58 2 50 100 112 56 580 848 212 18 10 Totals Prepare a perpetual record using the weighted-average inventory costing method. Start by entering the beginning inventory balances Enter HAR RAHA PAR NARRA Choose from any list or enter any number in the input fields and then continue to the next question a o Type here to search TILIUS Wedne wiches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Usb (Click the icon to view the transactions.) Read the requirements. 21 TIZ Totals 10 500 16 848 212 Prepare a perpetual record using the weighted average inventory costing method. Start by entering the beginning inventory balances. Enter the to transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on Weighted Average: Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity 10 Cost 50 Cost 500 Jun. 1 3 8 50 400 2 50 100 10 10 56 560 12 55 660 220 23 8 55 440 4 55 560 840 220 16 Totals 10 Requirement 2. Journalize all of Watches R Us's inventory transactions for June under all three costing methods. Assume all sales and purchase Begin by journalizing Watches R Us's inventory transactions for June under the FIFO method. Jun 3. Sold 8 units for $100 each Start by preparing the entry to joumalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the fo Account Date Credit Dahit Choose from any list or enter any number in the input fields and then continue to the next question Read the requirements Requirement 2. Journalize all of Watches R Us's inventory transactions for June under all three costing methods. Assume all sales and purchases Begin by journalizing Watches R Us's inventory transactions for June under the FIFO method. Jun. 3: Sold 8 units for $100 each. Start by preparing the entry to joumalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the follo Date Accounts Debit Credit Jun. 3 800 Sales Revenue Accounts Receivable (FFO) 800 Now journalize the expense related to the June 3 saleSold 8 units Review the FIFO perpetual record you prepared above Date Accounts Debit Credit Cost of Goods Sold Jun 3 400 FIFO) Merchandise inventory 400 La H L - 1 - HC th Fi 4 Choose from any list or enter any number in the input fields and then continue to the next question YILLARA in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us beg (Click the icon to view the transactions.) Read the requirements Jun. 18. Purchased 10 units at $50 each. Review the FIFO perpetual record you prepared above. Date Accounts Debit Credit Jun 16 Accounts Payable Merchandise Inventory 580 (FIFO) 580 Jun. 23: Sold 8 units for $100 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the follow Date Accounts Debit Credit Jun 23 800 Sales Revenue Accounts Receivable (FIFO) 800 Now journalize the expense related to the June 23 Soid 8 units Review the FIFO perpetual record you prepared above Date Accounts Debit Credit Choose from any list or enter any number in the input Mieds and then continue to the next question o Type here to search Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assure Watches R Us began Click the icon to view the transactions.) Read the requirements Now joumalize the expense related to the June 23 sale Sold 8 units Review the FIFO perpetual record you prepared above. Date Accounts Debit Credit Jun 23 Cost of Goods Sold 100 (FIFO) Cost of Goods Sold 336 Merchandise Inventory 438 Next, journalize Watches R Us's inventory transactions for June under the LIFO method. Jun. 3: Sold 8 units for S100 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the follow Date Accounts Debit Credit Sales Revenue 800 wun. 3 (LFO Accounts Receivable 800 Now joumalize the expense related to the June 3 saleSold 8 units Review the LIFO perpetual record you prepared above Choose from any list or enter any number in the input fields and then continue to the next question Read the requirements Now journalize the expense related to the June 3 saleSold 8 units. Review the LIFO perpetual record you prepared above. Date Accounts Debit Credit Jun 3 Cost of Goods Sold 400 (LIFO) Merchandise Inventory 400 Jun. 16. Purchased 10 units at $56 each. Review the LIFO perpetual record you prepared above. Date Accounts Debit Credit 580 vun Accounts Payable Merchandise inventory 580 Jun. 23: Sold 8 units for $100 each Start by preparing the entry to joumalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that it Choose from any list or enter any number in the nput fields and then continue to the next question a HA O Type here to search Jun. 23: Sold 8 units for $100 each Start by preparing the entry to joumalize the sale portion of the transaction. Do not record the expense related to the sale. We will Date Accounts Debit Debit Credit Jun. 23 800 Sales Revenue Accounts Receivable 800 (LIFO) Now journalize the expense related to the June 23 saleSold 8 units. Review the LIFO perpetual record you prepared above. Debit Accounts Credit Date 448 Jun 23 Cost of Goods Sold (LIFO) Merchandise Inventory Now journalize Watches R Us's inventory transactions for June under the weighted-average (W. Avg. ) method. Jun 3: Sold 8 units for $100 each Choose from any list or enter any number in the input fields and then continue to the next question a DI Type here to search Read the requirements Now journalize Watches R Us's inventory transactions for June under the weighted average (W. Avg.) method. Jun. 3: Sold 8 units for $100 each. Start by preparing the entry to joumalize the sale portion of the transaction. Do not record the expense related to the sale. We will do Date Accounts Debit Credit Jun 3 (W. Avg.) Sales Revenue Accounts Receivable 800 800 Now journalize the expense related to the June 3 sale-Sold 8 units. Review the weighted average perpetual record you prepared above. Date Accounts Debit Debit Credit dun. 3 Cost of Goods Solo 400 W. Avg.) Merchandise Inventory Jun 18. Purchased 10 units at S56 each Review the weighted average perpetual record you prepared above Choose from any list or enter any number in the input fields and then continue to the next question j Read the requirements Jun. 18: Purchased 10 units at $56 each. Review the weighted average perpetual record you prepared above. Date Accounts Debit Credit Jun. 16 560 Merchandise Inventory Accounts Payable (W. Avg.) 560 Jun. 23: Sold 8 units for $100 each. Start by preparing the entry to joumalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in Date Accounts Debit Credit Sales Revenue Jun 23 800 800 Accounts Receivable (W. Avg:) Now journalize the expense related to the June 23 sa Sold 8 units Review the weighted average perpetual record you prepared above Choose from any list or enter any number in the input fields and then continue to the next question O II a 0 Type here to search Walenes and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June (Click the icon to view the transactions.) Read the equirement Now journalize the expense related to the June 23 saleSold 8 units. Review the weighted average perpetual record you prepared above. Date Accounts Debit Credit Jun 23 Cost of Goods Sold 440 (W. Avg.) Merchandise Inventory 440 Requirement 3. Show the computation of gross profit for each method, Review the revenue journal entries you prepared above Review the FIFO record you prepared above. Review the LIFO perpetual record you prepared above, Review the weighted-average perpetual record you prepared above Sales Revenue 1000 Cost of Goods Sold 836 Gross profit 784 BIO LIFO 1000 848 752 840 1600 780 Weighted average Requirement 4. Which method maximizes net income? Whion method minimizes income taxes The LIFO method maximizes net income. The fir meshod minimizes income taxes then continue to the next question Deb Requirements 1. Prepare a perpetual inventory record for Watches R Us using the FIFO, LIFO. and weighted average inventory costing methods. 2. Journalize all of Watches R Us's inventory transactions for June under all three costing methods. Assume all sales and purchases are on account. Explanations are not required. 3. Show the computation of gross profit for each method. 4. Which method maximizes net income? Which method minimizes income taxes? I! Print Done 11 Il = 760 come taxes? method minimizes ncome taxes