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 Unit Date Quantity Cost Total Cost Unit Quantity Cost Total Cost Inventory on Hand Unit Total Data table Quantity Cost Cost Jul. 1 80 $ 45 $3,600 5 120 $ 58 $ 6,960 80 $ 45 $3,600 120 $ 58 $ 6.960 13 80 $ 45 $3,600 70 $ 58 $ 4,060 Jul. 5 Purchase Jul. 13 Sale Jul. 18 Purchase 120 crates @$58 each 130 crates @$100 each 50 $ 58 $2,900 Jul. 26 Sale 130 crates @ $72 each 140 crates @ $104 each 18 130 $ 72 $ 9,360 70 $ 58 $ 4,060 26 70 $ 70 $ Totals 250 $ 16,320 270 58 $ 4,060 72 $ 5,040 $ 15,600 130 $ 60 $ 72 $9,360 72 $4,320 Print Done 60 $ 4320 Determine the company's gross profit using the FIFO inventory costing method. Gross profit is $ 11,960 using the FIFO inventory costing method. Requirement 2. 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. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO 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 Unit Date Quantity Cost Total Cost Unit Quantity Cost Total Cost Quantity Inventory on Hand Unit Cost Total Cost Jul. 1 80 $ 45 $3,600 5 120 $ 58 $ 6,960 80 $ 45 $ 3,600 120 $ 58 $ 6,960 13 120 $ 10 $ 58 $ 6,960 45 $ 450 70 $ 45 $ 3,150 18 130 $ 72 $9,360 70 $ 45 $ 3,150 26 130 $ 10 $ Totals 250 $ 16,320 270 72 $ 9,360 45 $ 450 $ 17,220 130 $ 60 $ 72 $ 9,360 45 $2,700 $ 2,700 60 Determine the company's gross profit using the LIFO inventory costing method. Gross profit is $10,340 using the LIFO inventory costing method. Requirement 3. 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 Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted average 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. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Purchases Cost of Goods Sold Inventory on Hand Date Unit Quantity Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jul. 1 80 $ 45.00 $ 3,600 5 120 $58.00 $ 6,960 200 13 130 70 18 130 $72.00 $ 9,360 200 26 140 60 $ 16,320 Totals 250 270 60