st 1. 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. 4. Print Done neck Answer Clear All Exercise Gym began May with merchandise inventory of 78 crates of vitamins that cost a total of $4,290. During the month, Exercise Gym purchased and sold ru B Click the icon to view the transactions.) Read the equiremena Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronic balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise in the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Unit Unit Total Date Quantity Cost Quantity Quantity Cost May 1 5 Total Total Cost Cost Cost Cost 18 26 Totals Enter any number in the edit fields and then click Check Answer Data Table X otal Cost of Goods Unit Quantity Cost ost May 5 Purchase 156 crates @ $64 each May 13 Sale 180 crates @ $98 each May 18 Purchase 114 crates @ $75 each May 26 Sale 150 crates @ $116 each Print Done Luestion Hop obl Exercise Gym began May with merchandise inventory of 78 crates of vitamins that cost a total of $4,290. During the month, Exercise Gym purchased and sold marchandise on account as follows: Click the icon to view the transactions.) Read the requirements. 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 inyentory coating 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.)