Question

Athletic Word began May with merchandise inventory of 65 cretes or vitamins that cost total of $3.835 During the month, Athletic World purchased and sold merchandise on account as follows Click the icon to view the transactions.) Read the cours Total Requirement 1. Prepare a perpetual invertory record, using the FIFO inventory cesting method, and determine the company's cost of gouck cold, erding merchandise inventory, and grove proit. Begin by computing the cost of good cod and cost of encirg merchandise inventary using the FIFO inventory costing method. Enter the transactions in chronological order, calculatirg new inventary on hand balancee after each transaction. Once al of the transactions have been entered into the perpetual record, calculate the quantity and total costat marchandise inventory purchased, sold and on hand at the end of the penod. (Enter the oldest inventory layers first Purchases Cost of Goods Sold Inventory on Hand Total Unit Total Unit i Requirements Х Date Quantity Cost Cost Quantity Cost Cost Quantity Cost х Cost i Data Table May 11 S 5 | 1. Frapere a perpetual invertory record, using the FIFO entory costing melod, and delamine the company soul of goods sold, ending 1 merchandise inventory, and press profit May 5 Purchase 145 crates $0 och 13 1 2 Prepere a perpetual inventary record, using the LIFO inventory casting method, and determine the coman's cost of goods sold ending May 13 Sale 160 rates D 3103 cach merchandise inventory, and grea profit May 10 Purchase 170 crates $50 coch 18 3. Prepare a perpetual inventory record, using the weighted-average memory May 26 Sale 15 $1 5 :"20.5 G 15 cach costing method, and determine the company's cost of goods sold, ending merchandise inventary, and gross pront Round weighted-average cost per 26 unit to the nearest cant and al other emounts to the nearest coller! Print Done If the business wanted to pay the 1998 amount of income taxes possible which metod would chowa? Totals Print Dona Determine the company's gross pront using the FIFO inventory costing method Gross profit is using the FIFO inventory coeling method. Requirement 2. Prepare a perpetual inventory record, using the LIFO inventory oosting method, and determine the company's cost of goods sold, encing merchandise inventory, and gross pront. Begin by computing the cost of goods sold and cost of encing merchandise inventory using the LIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balance after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the querility and total cost of merchandise inclory purchazed, ecle, and on and at the end of the period. (Enter the oldest inventory layers firet.) Purchases Cost of Goods Sold Inventory on Hund Unit Unit Total Unit Quantity Cost Cost Quantity Cost Сове Cost Cost May 11 Toral Total Quantity 5 13 10 II Enter any number in the edit fields and then continue to the next question.

Answer 1

1.

FIFO
	Purchases			Cost of Goods Sold			Inventory on Hand
Date	Quantity	Unit cost	Total Cost	Quantity	Unit cost	Total Cost	Quantity	Unit cost	Total Cost
May 1							65	59	3835
5	145	80	11600				65	59	3835
							145	80	11600
13				65	59	3835	50	80	4000
				95	80	7600
18	170	90	15300				50	80	4000
							170	90	15300
26				50	80	4000	45	90	4050
				125	90	11250
Totals	315		26900	335		26685	45		4050

Gross profit is $10895 using the FIFO inventory costing method.

2.

LIFO
	Purchases			Cost of Goods Sold			Inventory on Hand
Date	Quantity	Unit cost	Total Cost	Quantity	Unit cost	Total Cost	Quantity	Unit cost	Total Cost
May 1							65	59	3835
5	145	80	11600				65	59	3835
							145	80	11600
13				145	80	11600	50	59	2950
				15	59	885
18	170	90	15300				50	59	2950
							170	90	15300
26				170	90	15300	45	59	2655
				5	59	295
Totals	315		26900	335		28080	45		2655

Gross profit is $9500 using the LIFO inventory costing method.

3.

Weighted-Average
	Purchases			Cost of Goods Sold			Inventory on Hand
Date	Quantity	Unit cost	Total Cost	Quantity	Unit cost	Total Cost	Quantity	Unit cost	Total Cost
May 1							65	59	3835
5	145	80	11600				210	73.5	15435
13				160	73.5	11760	50	73.5	3675
18	170	90	15300				220	86.25	18975
26				175	86.25	15094	45	86.25	3881
Totals	315		26900	335		26854	45		3881

Gross profit is $10726 using the weighted-average inventory costing method.

Working:

	FIFO	LIFO	Weighted Average
Sales (160 x $108) + (175 x $116)	37580	37580	37580
Cost of goods sold	26685	28080	26854
Gross profit	10895	9500	10726

Per HOMEWORKLIB RULES the first question has been answered. Please post the remaining independent question separately. Thank you.