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Somebody help me with this. I keep getting stuck on it. Answer all of the questions, please. Thank you. Media Central, Inc., completed the following

Somebody help me with this. I keep getting stuck on it. Answer all of the questions, please. Thank you.

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Media Central, Inc., completed the following inventory transactions during the month of March: E: (Click the icon to view the transactions.) Read the requirements. Data table Date Item Quantity Unit Cost Mar 25$ 90 50 $ 87 1 Balance 4 Purchase 12 Sale 22 Purchase 66 421 $ 84 31 Sale 24 Requirements 1. Without resorting to calculations, determine which inventory method will result in Media Central, Inc., paying the lowest income taxes. 2. Prepare a perpetual inventory record using FIFO. 3. Prepare a perpetual inventory record using LIFO. 4. Prepare a perpetual inventory record using average cost. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. Requirement 1. Without resorting to calculations, determine which inventory method will result in Media Central, Inc., paying the lowest income taxes. In times of decreasing inventory prices, as is the case here, the FIFO method will result in Media Central, Inc., paying the lowest income taxes. Requirement 2. Prepare a perpetual inventory record using FIFO. Start by entering the beginning inventory balances. 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 inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under FIFO costing first. For inventory on hand, enter the oldest inventory layer first.) Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost Mar

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