(Solved): Requirements 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and ...

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. 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. 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.) 4. If the business wanted to pay the least amount of income taxes possible, which method would it choose? Exercise Planet began October with merchandise inventory of 70 craves of vitamins that cost a total of $$\$4.550$$. During the month, Exorcise Planet purchased and sold merchandise co account as follows: (Cick the ican to view the transactions) Read the mositements. Requirement 1. Prepare a pepetual invertary record, using the FIF O inventory costing method, and delermine the compary's cost of goods sold, ending merchandise inventory, and gross profit Begin by computing the cost of goodi sold and cost of ending merchandive inventory uting the FiFO inventory costing mogiod. Enter the transactions in chronological order. calculating new impentory on hand balances after each transaction. Once ali of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise imvensory purchased, sold, and on hand at the end of the period. (Entar the cldest inventory tayers fint) Data table Exercise Planet began October with merchandise inventary of 70 crates of vitamins that cost a lotal of $$\$4,550$$. During the month, Exercise Planet purchased and sold morchandise on account as Sallows: Cick the icon to view the transtictions. Read the requirements. Datermine the comparyy's gross profit using the FIFO imentory costing method. Geoss profit is using the FIFO inventary costing method Requirement 2. Prepare a perpelua imventory recerd; using the LIFO inventory costing method, and dotomine the company's cost of goods sold, anding merchandise inventary, and gross proft Begin by coenputing the cost of goods sold and cost of ending merchandse inventory uting the LIFO inventary costing mothod. Eriter the transactions in chronological ordor, calculating new inventory on hand batances after each transacton. Onoe al of the transactions havo been entored into the perpetual record, calculate the quantily and tolal cost of merchandise itwentory purchasec sold, and on hand at the end of the period. (Enter the oldest invenory layers firit.) Exerose Planot began October with merctandise inventory of 70 crates of vitamins that cost a botat of $$\$4,650$$. During the month, Expreise Planel purchased and sold merchandise on account as follows Click the loon to vitw the tranmactions.) Read the Bapurgments Determine the company's gross profit using the LFO imventory oosting method Groos proft is using the Lifo itventary costing methed Requirement 3. Prepare a perpetual inveriory record, using the weighod-averege inventory costing method, and determine the company's cost of goods sold, ending merchandse inventary, and gross profit Begin by compuling the cost of goods sold and cost of ending merchandise inventory ising the weighled-average inventory costing method. Enter the transactions in chronological onder, caleulating new irventory on hand balances atter each transaction, Once all of Bhe transactions have been entered into the perpetual record, calculate the quaridy and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Round woighted-average coet per unt to tie nearest cent and alf other amounts to the nearest dollar). Exercise Planet began October with merchandisa inventory of 70 cotos of vitamins that cost a total of 54,550 . During the month, Exarcise Planet purchased and sold merchandise on account as foltows: (Cick the icon to view the transactions.) Reod the ceovitements. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted-everage inventory costing method. Enier the transactions in chronological crder, calculating pew inventory on hand balances after each transoction. Once at of the thansactions have been entered iato the peppotual record, calculate the quanety and totat cost of merchandise inveritory purchased, sold, and an hand at the end of the period. (Round weighted-ayerage cost per unit to the neareat cent and all other amounts to the noavest dolag.) Determine the companys grose profl using the woighed-average liventary coutng method Grost prahi is Wing the weighted-average inventocy coting method Requirement 4. If itue butines wasted to pay the lesit aroount of income taxes poseble, which mechod would a choots? If the business warded to pey the least amount of income laxes potsble. they would choore Data table