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Exercise Gym began May with merchandise inventory of 80 crates of vitamins that cost a total of $3,600. During the month, Exercise (Click the icon to view the transactions.) Read the requirements. Requirement 3. Prepare a perpetuar inventory record, using the weignted-average inventory costing mernod, and determine the comp Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted average inventory costing me transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandis the nearest cent and all other amounts to the nearest dollar.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Cost Cost Quantity Cost Cost Cost Cost Date Quantity May 1 5 120 Quantity 80 45 3,600 58 6,960 80 45 3,600 13 130 52.8 6864 70 52.8 3696 18 130 72 9,360 200 65.28 13056 26 140 65.28 9139 60 65.28 3917 60 3917 Totals 250 16,320 270 16003 Determine the company's gross profit using the weighted-average inventory costing method. Gross profit is 13,472 using the weighted-average inventory costing method. Requirement 4. If the business wanted to pay the least amount of income taxes possible, which method would it choose? if the business wanted to pay the least amount of income taxes possible, they would choose LIFO. Enter any number in the edit fields and then continue to the next question inventory costing metnoa, and determine the company's cost of goods sola, ending m ory using the weighted average inventory costing method. Enter the transactions in chre ord, calculate the quantity and total cost of merchandise inventory purchased, sold, and i Data Table 5864 May 5 Purchase May 13 Sale May 18 Purchase May 26 Sale 120 crates @ $58 each 130 crates @ $106 each 130 crates @ $72 each 140 crates @ $108 each 9139 6003 Print Done osting me! method. xes possible, which method would it choose? ey would choose LIFO. tion