World began January with merchandise inventory of 90 crates of vitamins that cost a total of $5,850. During the month, Exercise World purchased and sold merchandise on account as follows EB (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 Inventory on Hand Total Date Quar Requirements Cost Jan. 1 5,850 9,880 6,080 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 companys cost of goods sold, ending merchandise inventory, and gross proft 13 2. 6,080 14,620 18 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 ) If the business wanted to pay the least amount of income taxes which method would it choose? Enter any number 4. Use The Ta merchandise inventory of 90 crates of vitamins that cost a total of $5,850 During the month, Exercise World purchased and sold merchandise on account as follows E, (click the icon to view the transactions ) record using the FIFO invenory 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 d Data Table by computing the cost of goods sold and c chronological order, calculating new inventory or calculate the quantity and total cost of merchandi hethod Enter the transactions in been entered into the perpetual record er the oldest inventory layers first) Jan 5 Purchase 130 crates @ $ 76 each 18 Purchase 170 crates @s 86 each 26 Sale180 crates 112 each Print Done 13 Sale 140 crates 104 each Jan 1 1. Prepare a perpetu method, and deterr merchandise invern 13 method, and determine the company's cost of goods sold, ending 6,080 14,620 18 ise inventory, and gross profit 3. Prepare a nventory record, using the weighted-average inventory costing method, and determine the company's cost of goods sold, ending 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? 4. 5 cise World began January with merchandise on account as follows E (Click the icon to view the transactions) Read the inventory of 90 crates of vitamins that cost a total of $5,850 During the month, Exercise Wor Unit Total Unit Total Unit Total Date Quantity CostCost QuantityCostCostQuantity Cost Cost 90 S 65 S, 5,850 90 S 65 $ 5,850 130 S 76 S 9,880 80 76 $ 6,080 Jan. 1 130 76 9,880 90 $ 65 $ 5,850 50 $ 76 s 3,800 13 80 $ 76 S 6,080 170 s 86 s 14 620 70 $ 86 S 6,020 18 170 $ 86 S 14,620 80 S 76 S 6,080 100 $ 86 S 8,600 S 24,330 26 S 6.020 Tolal 30024500 24 3070 320 Totals 300 Determine the company's gross profit using the FIFO inventory costing method Gross profitis susing the FIFO inventory costing method Enter any number in the edit fields and then click Check Answer Final Che
