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Jasmine B

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Question $14$ of $35$

This questio

Requirements

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?