Н K M N 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. Inventory On-Hand Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 3. Purchases Cost of Goods Sold Exercise Gym began January with merchandise inventory of 65 crates of vitamins that cost a total of $3,835. During the month, Exercise Gym purchased and sold merchandise on account as follows: 4. Date 1 Jan. 5 Purchase 145 crates @ $ 80 each 13 Sale 160 crates @ $ 100 each 13 18 Purchase 170 crates @ $ 90 each 26 Sale 175 crates @ s 114 each 10 18 11 12 26 13 14 Totals 15 16 Gross profit is $ using the FIFO inventory costing method 17 18 19 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. 20 Inventory On-Hand Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 21 Purchases Cost of Goods Sold 22 Date 23 1 24 25 26 13 27 28 18 29 30 26 31 32 Totals 33 34 Gross profit is $ using the LIFO inventory costing method B A Н K 35 36 37 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. 38 Cost of Goods Sold Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 39 Purchases Inventory On-Hand 40 Date 41 42 43 44 45 13 46 18 47 48 49 26 50 Totals 51 Gross profit is $ using the weighted-average inventory costing method 52 53 54 If the business wanted to pay the least amount of income taxes possible, they would choose:
Н K M N 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. Inventory On-Hand Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 3. Purchases Cost of Goods Sold Exercise Gym began January with merchandise inventory of 65 crates of vitamins that cost a total of $3,835. During the month, Exercise Gym purchased and sold merchandise on account as follows: 4. Date 1 Jan. 5 Purchase 145 crates @ $ 80 each 13 Sale 160 crates @ $ 100 each 13 18 Purchase 170 crates @ $ 90 each 26 Sale 175 crates @ s 114 each 10 18 11 12 26 13 14 Totals 15 16 Gross profit is $ using the FIFO inventory costing method 17 18 19 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. 20 Inventory On-Hand Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 21 Purchases Cost of Goods Sold 22 Date 23 1 24 25 26 13 27 28 18 29 30 26 31 32 Totals 33 34 Gross profit is $ using the LIFO inventory costing method B A Н K 35 36 37 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. 38 Cost of Goods Sold Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 39 Purchases Inventory On-Hand 40 Date 41 42 43 44 45 13 46 18 47 48 49 26 50 Totals 51 Gross profit is $ using the weighted-average inventory costing method 52 53 54 If the business wanted to pay the least amount of income taxes possible, they would choose:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please complete the inventory reports and statements listed in the images. All information available and needed is provided in the images.
Transcribed Image Text:Н
K
M N
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.
Inventory On-Hand
Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
3.
Purchases
Cost of Goods Sold
Exercise Gym began January with merchandise inventory of 65 crates of
vitamins that cost a total of $3,835. During the month, Exercise Gym
purchased and sold merchandise on account as follows:
4.
Date
1
Jan. 5 Purchase
145 crates @ $
80 each
13 Sale
160 crates @ $
100 each
13
18 Purchase
170 crates @ $
90 each
26 Sale
175 crates @ s
114 each
10
18
11
12
26
13
14 Totals
15
16
Gross profit is $
using the FIFO inventory costing method
17
18
19 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.
20
Inventory On-Hand
Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
21
Purchases
Cost of Goods Sold
22 Date
23
1
24
25
26
13
27
28
18
29
30
26
31
32 Totals
33
34
Gross profit is $
using the LIFO inventory costing method
Transcribed Image Text:B
A
Н
K
35
36
37 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.
38
Cost of Goods Sold
Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
39
Purchases
Inventory On-Hand
40 Date
41
42
43
44
45
13
46
18
47
48
49
26
50 Totals
51
Gross profit is $
using the weighted-average inventory costing method
52
53
54 If the business wanted to pay the least amount of income taxes possible, they would choose:
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