TH VOIR. IVICUUIU TI Score: 0 of 1 pt 6 of 6 (5 complete) P6-28A (similar to) Fit World began May with merchandise Inventory of 70 crates of vitamins that cost a total of $4,560. During the month, Fit World purchased and sold merchandise on account as follows: E! (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 grose 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 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 peric Purchases Cost of Goods Sold Inventory on Hand Data Table Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 650 4550 May 5 Purchase 130 crates @ $ 76 each 5 13076 9880 13 Sale 140 crates @ $ 100 each 18 Purchase 150 crates @ $ 83 each 200 26 Sale 160 crates @ $ 102 each Print Done Totals Enter any number in the edit fields and then click Check Answe 6 parts remaining post a total of $4,550. During the month, Fit World purchased and sold merchandise on a d and datormine the commande 0 Requirements 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. 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? Print Done Clear All