**Problems Group A****P6-28A Accounting for inventory using the perpetual inventory system—FIFO, LIFO, and weighted-average**Fit Gym began January with merchandise inventory of 78 crates of vitamins that cost a total of $4,290. During the month, Fit Gym purchased and sold merchandise on account as follows:- **Jan. 5 Purchase**: 156 crates @ $64 each- **13 Sale**: 180 crates @ $100 each- **18 Purchase**: 114 crates @ $75 each- **26 Sale**: 150 crates @ $116 each**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?

FIFO - It is a method of inventory valuation, where goods purchased first are sent out first for…

BeganH Jahuary with merchandise inventory of 78 crates of vitamins that cost nol of $4,290. During the month, Fit Gym purchased and sold merchandise on ccount as follows: Jan. 5 Purchase 156 crates @$ 64 each 13 Sale 180 crates @ $ 100 each 18 Purchase 114 crates @ $ 75 each 26 Sale 150 crates @ $ 116 each equirements

BeganH Jahuary with merchandise inventory of 78 crates of vitamins that cost nol of $4,290. During the month, Fit Gym purchased and sold merchandise on ccount as follows: Jan. 5 Purchase 156 crates @$ 64 each 13 Sale 180 crates @ $ 100 each 18 Purchase 114 crates @ $ 75 each 26 Sale 150 crates @ $ 116 each equirements

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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! Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $26 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $12.00 cost 20 units @ $18.00 cost 15 units @ $20.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Date # of Units Cost Per Unit Goods Purchased # of Units Sold Cost of Goods Sold Cost Per Cost of Goods Unit Sold Inventory Balance # of Units Cost Per Unit Inventory Balance December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals