Requirement 4
Exeroise Gym began July with menchandise inventory of 65 arates of vitamins that cont a total of $3,835 During the month, Exencise Gym purchased and sold merchandise on account as follows HE IClick the lcon to view the transactions) Read the reviements Requirement 1.Prepare a perpetual inventory econd, using the FiFO inventory coating method, and delemine the company's const of goods sold, ending merchandise inventory, and gross proft Bagin by computing the cost of goods sold and cost of ending menchandise inventory using the FIFO invenory costing method Enter the transactions in chronological order, caloulating new inventory on hand balances aer each transaction Purchases Cost of Goods SoldInvenbery on Hand Unit Total Unit Teta 65 3.83 66 0 33 145 11,800 0 804000 65 385 5 0 7.800 170 015.300 50 3 4,000 170 90 1530 2 P6-28A (similar to) Exeraise Gym began July with merchandise inventory of 65 crates of vitamins that cost a total of $3,835. During the month, Exerc EEB (Click the icon to view the transactions.) Read the requirements Purchases Cost of Goods Sold Inventory on Hand Unit Total UnitTotal Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 65 S 59 S 3,835 65 S 59 $3.835 145 S80 S11,600 65 S593,8355s 80 s 4,000 Jul. 1 145 S80S 11,600 13 95 S 80 S 7,600 18 170S 90 $ 15,300 50 S804000 170 $90$15,300 45 $90$ 4,050 50 $ 80 $ 4.000 125 $ 90 $ 11250 $ 26,685 26 Totals 315 S 26,900 335 45 $4050 Click to select your answer(s) and then click Check Answer part remaining Ciear All P6-28A (similar to Exercise Gym began July with menchandise inventory of 65 crates of vitamins that cost a total of $3,835. During the month, Exercise Gym purchased and sold merchandise on account as follown: EEE (Click the icon to view the tansactions) Read the reviements Debermine the company's gross profit using the FIFO inventory costing method Gross profit is$ 9.585 using the FIFO inventory costing method Requirement 2. Propare a perpetual inventory record, using the LIFO inventory costing method, and detemmine the company's cost of goods sold, ending merchandise inventory, and gross proft Begin by computing the cost of goods sold and cost of ending menchandise inventory using the LIFO inventory costing method. Enter the transactions in chronological order, caloulating new inventory on hand balances after each ransaction Once all of the transactions have been entered into the perpetual necond, caloulate the quanitity and total cost of menchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oildest inventory layers first.) Cost of Goods Sold Inventory on Hand Unit Total ult com Unit Total Quantity Cost Cost Unit Total Dte Quantihy Cost Coset Quentity Cost Cost t 65 $ 59 3,835 65 S 3,83 145 0 11,600 50 $ 59 2.950 Jul 1 145 80 11, 45 80 11,00 Cick to select your answeris) and then cliek Check Answer Clear Au 9 of 1 pt -28A (similar to) Gym began July with merchandise inventory of 65 crates of vitamins that cost a total of $3,835. During the mont ck the icon to view the transactions.) he requirements Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost CostQuantity CostCost QuantityCostCost 65 $ 59 3,835 65 $ 59 3,835 145 $80 11,600 50 $ 59 2,950 Jul. 1 5 145 $ 80 11,600 13 145 $80$ 11,600 15 59 885 18 170 S 90 S 15,300 50 $ 59 S 2,950 170 $90 $ 15,300 45$59 $ 2,655 26 70 $90 15,300 5 $ 59S295 S 28,080 Totals 315 $ 26,900 335 45 $ 2,655 Click to select your answer(s) and then click Check Answer P6-28A (similar to) EQuestion Help (Cick the icon to view the transactions) Read the requremects Determmine the company's gross proaft using the LIFO inventory cosing method Gross profit is $ 8,190 using the LIFO inventory costing method costing method, and delermine the company's coet of goods sold, ending merchandise inventory, and gross proft begin by computing the cost of goods soid and oost of ending merchandise inventory using the weighted-average he nearest n. Once invertory costing method. Enter the trarsactions in chronological order, calculating new inventory on hand balances atar each al of the transactions have been ened into the perpetual r the period. (Round wighted -average cost per unit to Cost of Goods Sold y en Hand Total Date Quantity Cos Cost Quantity Cost Cost Unit Unit Total Unit Total Cost QuentityCost 59 00$ 3,835 210 7350 15,435 0 350 3675 220 | 8625|$ 18.srs 515 625 3,881 13 601S 7350 S 11.780 175 s 625 15.04 Check Anwer (Click the icon to view the transactions.) Read the requirements Cost of Ooods SoldInventory on Hand Purchases Unit Total Unit Total Unit Total Date Quantity Costt antity Cost CostQuantityCostCost 65 59.003,835 210 S 73.50 15,435 50 S73.503,675 220 86.25 S 18,975 45 86.25S3881 45 Jul. 1 5 145 80.00 S 11,600 160 $ 73.50 $ 11,760 13 18 26 1701 S 90.00 | S 15.300 175 $ 86.25 $15,094 $ 26,900 335 S 26,854 3,881 315 Totals Determine the company's gross proft using the weighted-average inventory costing method. Gross profit is $ 9,416 using the weighted-average inventory costing method Requirement 4. If the business wanted to pay the least amount of income taxes possible. which method wouid it choose? Click to select your answerfs) and then click Check Answer. Clear All 27 P6-28A (similar to) Exerdise Gym began July with merchandise inventory of 65 crates of vitarmins that cost a total of $3,835. During the month, Exercis EE (Click the icon to view the transactions.) Read the requirements Unit Total Unit Total Unit Total Cost Date QuantityCostCost QuantityCost Cost Quantity Cost 65 $59.00 $ 3,835 210 73.50S 15,435 50 $ 73.50$3,675 220 S 86.25 S 18,975 45 $ 86.25 3,881 $3,881 Jul. 1 51 145 is 80.001$ 11,600 13 18 26 160 $ 73.50 11,760 170 $ 90.00 15,300 175 $ 86.25 S15,094 Totals 315 28 9003 335S 26.85445 Determine the company's gross profit using the weighted-average inventory costing method. FIFO LIFO weighted-average Gross profit is $ 9416 using the weighted-average inventory costing method Requirement 4. If the business wanted to pay the least amount of income taxes possible, wh If the business wanted to pay the least amount of income taxes possible, they would choose Click to select your answer(s) and then click Check Answer. 1 Pemaining part Ciear AU
