* Requirements During the month Fl Universe Dushased and sold merchandise 1. i Data Table 2. 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. 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. 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. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.) If the business wanted to pay the least amount of income taxes possible, which method would it choose? 3. Jul. 5 Purchase Jul. 13 Salo Jul. 18 Purchase Jul. 26 Sale 130 crates @ $76 each 140 crates @$106 each 170 crates @ $86 each 180 crates @ $108 each Print Done Print Done umber in the edit fields and then continue to the next question. 24 Universe began July with merchandise Inventory of 90 crates of vitamins that cost a total of $5,850. During the month, Fit Universo purchased and sold merchandise on account as follow em (Click the loon to view the transactions.) Read the CMO 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 group 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, alculating new 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 handia (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jul 1 5 13 16 26 Enter any number in the edit fields and then continue to the next question 24 W MEBOOK 26 Totals Determine the company's gross profit using the FIFO inventory costing method. Gross profit is 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 mer Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. Enter the transactions in chron after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Jul. 1 Cost 5 Enter any number in the edit fields and then continue to the next question. Th 24 RE MacBook Air Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jul. 1 5 13 18 26 Totals Determine the company's gross profit using the LIFO inventory costing method. Enter any number in the edit fields and then continue to the next question, 24 of $5,850. During the month, Fit Universo purchased and sold merchandise on our Con to view the transactions.) Read the fun remonts Gross profit is 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 merchande 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 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 purch the period. (Round weighted average cost per unit to the nearest cont and all other amounts to the nearest dollar) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jul. 1 5 13 18 26 Totals Enter any number in the edit fields and then continue to the next question 24 Purchases Cost of Goods Sold Unit Total Unit Total Inventory on Hand Unit Total Quantity Cost Date Quantity Cost Cost Quantity Cost Cost Cost Jul. 1 5 13 18 26 Totals Determine the company's gross profit using the weighted average inventory costing method. Gross profit is 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 Enter any number in the edit fields and then continue to the next question. 24
