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Fit Gym began July with merchandise inventory of 76 crates of vitamins that cost a total of $4,560. During the month, Fit Gym 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 delermine the companys 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.) Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity CostCost Quantity Cost Cost Qnity CostCost Jul Data Table Jul. 5 Purchase 13 Sale 18 Purchase 26 Sale 140 crates87 each 160 crates 106 each 154 crates 91 each 200 crates 116 each 18 Print Done Totals Determine the companys 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 LIFO inventory costing method, and determine the companys 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 LIFO 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.) Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date QuantityC CostQuantity Cost Cost Qantity Cost Cost Jul. 1 Data Table 13 Jul, 5 Purchase 1 13 Sale 18 Purchase 26 Sale 140 crates87 each 160 cratos 106 eaclh 154 cratesS 91 eaclh 200 crates S 116 each 18 26 Print Done Totals Determine the companys 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 inventcry costing method, and determine the companys 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 welighted-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.) Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity CostCos Quantity Cost Cot Quantity Cost Cost Data Table Jul. 1 13 18 26 Jul. 5 Purchase 13 Sale 18 Purchase 26 Sale 140 crates87 each 160 crates 106 each 154 crates 91 each 200 crates 116 each Totals Determine the companys gross profit using the weighted-average inventory costing method. Gross profit is s Requirement 4. f 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 Print Done using the weighted-average inventory costing method.

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