Requirement 1. Prepare a perpetual inventory record, using the FFFO inventory costing method, and determine the company's cost of goods sold, ending merchandse 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.) Determine the company's gross profit using the FiFO inventory costing mothod Gross profit is using the FIFO nwentery colating method Requirement 2. Prepare a perpetual inventory record, using the LIF O inventory costing mothod, and determine the company's cost of goods sold, ending marchiandise inventory, and gross profiz Begin by computing the cost of goods sold and cost of ending morchangeise irventory using the LlFo inventory costing mothod. Enter the transactions in chronological ordet calculaing new liventory on hand balances after each transaction. Once all of the transactions have been ontared into the perpetual record calculate the quansity and total cost of mechandise inventory purchased, pold, and on hanid at the end of the period ifnter the bidest inventory tweers firsti. 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 inventory, and gross profit. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted-average 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. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.) 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 Exercise World began May with merchandise inventory of 95 crates of vitamins that cost a total of $3,800. During the month. Exercise World purchased and sold merchandise on account as follows: EiiA (Click the icon to view the transactions.) Data table Requireme od, and determine the compan Begin by co costing met. e FIFO inventory nd balances after each transa Iculate the quantity and total co? (Enter the oldest 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