Accouting Costing Methods Help

Exercise World began May with merchandise inventory of 72 crates of vitamins that cost a total of $3,600. During the month, Exorcise World purchased and sold merchandise on account as follows (Click the icon to view the transactions) Read the requirements Data table 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? Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandite inveotory. 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 erdet. 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) Exercise Worid began May with merchandise inventory of 72 crates of vitamins that cost a total of 53,600 During the month, Exorcise World purchased and sold merchandise on account as follows: (Click the icon to view the transactions.) Read the tequirements. 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 UFO inventory costing method, and detemine the company's cost of goods soid, ending merchandise inventery. and nross nonfit Requirement 2. Prepare a perpetual inventory record, using the LIf O inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory and gross profi 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 crder, 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 petiod (Enter the oldest inventory layers first) 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 inventorv, and aross profit. Requirement 3. Prepare a perpetual inventory record, using the weighted-average imventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profi. Begin by computing the cost of goods sold and cost of ending merchandiso inventory using the welghted-average inventory costing method Enter the transactions in chronologica order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entored into the perpetual record, calculate the quantity and lotal 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 Exercise World began May with merchandise inventory of 72 crates of vitamins that cost a total of $3,600. During the month, Exercise World account as follows (Click the icon to view the transactions.) Read the requirements Determine the company's gross profit using the weighted-average inventory costing method. Gross profit is using the weighted-average inventory costing method. Requirement 4 . If the business wanted to pay the least amount of income taxes possible, which method would it choose? If the business wanted to pay the least amount of income taxes possible, they would choose