(similar to) Fit Gym began with a merchandise inventory of 95 crates of vitamins that cost a total of 3800. During the month, Fit Gym purchased and sold merchandise on account as follows

May 5 Purchase 155 crates @ $71 each May 13 Sale 180 crates @ $96 each May 18 Purchase 193 crates @ $75 each May 26 Sale 200 crates @ $100 each PF6-28A

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.
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.
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. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.)
4.	If the business wanted to pay the least amount of income taxes possible, which method would it choose?

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.)