Question: Please help me answer all of the requirements. Using each method, FIFO LIFO and Weighted Inventory. Including each Gross Profit. Thank you Fit Planet began
Please help me answer all of the requirements. Using each method, FIFO LIFO and Weighted Inventory. Including each Gross Profit. Thank you


Fit Planet began May with merchandise inventory of 78 crates of vitamins that cost a total of $4.290. uring the month, Fit Planet purchased and sold merchandise on account as follows (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 Data Table Unit Total Total Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost May 5 Purchase 156 crates S 64 each 180 crates 96 each 13 Sale 18 Purchase 4 crates S 75 each 150 crates S 02 each 26 Sale l Enter any number in the edit fields and then click Check Answer. Print Done
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
