Fit World began January with an inventory of 60 crates of vitamins that cost a total of

Question:

Fit World began January with an inventory of 60 crates of vitamins that cost a total of $$3,000$. During the month, Fit World purchased and sold merchandise on account as follows:

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Fit World uses the LIFO method.
Cash payments on account totaled $$5,000$. Operating expenses for the month were $$2,400$, with two-thirds paid in cash and the rest accrued as Accounts payable.
Requirements
1. Which inventory method most likely mimics the physical flow of Fit World’s inventory?
2. Prepare a perpetual inventory record, using LIFO cost, for this merchandise.
3. Journalize all transactions using LIFO.