The Athlete began July with merchandise inventory of 95 crates of vitamins that cost a total of $3,800. During the month, The Athlete purchased and sold merchandise 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 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.) Purchases Cost of Goods Sold Unit Total Unit Total Inventory on Hand Unit Total Quantity Cost Cost Date Quantity Cost Cost Quantity Cost Cost Jul. 1 5 155 71 11,005 13 181 193 75 14,475 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 merchandise inventory, and gross profit. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO 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.) 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 5 131 18 261 Totals Determine the company's gross profit using the LIFO inventory costing method. 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 merchandise inventory, and gross profit. 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 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. (Round weighted-average cost per unit to the nearest cent 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 5 131 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. During the month, The Athlete began July with me The Athlete purchased and sol B (Click the icon to view the Data Table Read the requirements. Determine the company's gros Jul. 5 Purchase 155 crates @ $71 each Jul. 13 Sale 180 crates @ $108 each Gross profit is Jul. 18 Purchase 193 crates @ $75 each Jul. 26 Sale 200 crates @ $112 each Requirement 3. Prepare a per method, and determine company's cost of goods sold, Begin by computing the cost of Print Done ted-average inventory cc method. Enter the transactions er each transaction. Ond the transactions have been ent| herchandise inventory purchased, sold, and on hand at the end of the period. (Round weighted average cost per unit to the nearest cent and all othe amounts to the nea X Requirements Ind Total Date Quan Cost 1. Jul. 11 5 2. 13 18|| 3. 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? 261 Totals 4. Determine the com Gross profit is ] Print Done Requirement 4. If Done choose? If the business wanted to pay the least amount of income taxes possible, they would choose
