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Fit World began January with merchandise inventory of 80 crates of vitamins that cost a total of $4,000. Durnind the month, Fit World purchased and sold merchandise on account as follows: Jan.5 Purchase 140 crates @ $55 each 13 Sale 160 crates @ $100 each 18 Purchase 160 crates @ $60 each 26 Sale 170 crates @ $110 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 inevntory 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?
Fit World began January with merchandise inventory of 80 crates of vitamins that cost a total of $4,000. Durnind the month, Fit World purchased and sold merchandise on account as follows: Jan.5 Purchase 140 crates @ $55 each 13 Sale 160 crates @ $100 each 18 Purchase 160 crates @ $60 each 26 Sale 170 crates @ $110 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 inevntory 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?
Fit World began January with merchandise inventory of 80 crates of vitamins that cost a total of $4,000. Durnind the month, Fit World
Fit World began January with merchandise inventory of 80 crates of vitamins that cost a total of $4,000. Durnind the month, Fit World
purchased and sold merchandise on account as follows:
purchased and sold merchandise on account as follows:
Jan.5 Purchase 140 crates @ $55 each
Jan.5
Purchase
140 crates @ $55 each
13 Sale 160 crates @ $100 each
13
Sale
160 crates @ $100 each
18 Purchase 160 crates @ $60 each
18
Purchase
160 crates @ $60 each
26 Sale 170 crates @ $110 each
26
Sale
170 crates @ $110 each
Requirements
Requirements
1. Prepare a perpetual inventory record, using the FIFO inventory costing method,
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
and determine the company’s cost of goods sold, ending merchandise inventory and
gross profit.
gross profit.
2. Prepare a perpetual inventory record, using the LIFO inventory costing method,
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
and determine the company’s cost of goods sold, ending merchandise inventory and
gross profit.
gross profit.
3. Prepare a perpetual inventory record, using the weighted-average inevntory costing method,
3. Prepare a perpetual inventory record, using the weighted-average inevntory costing method,
and determine the company’s cost of goods sold, ending merchandise inventory and
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
gross profit. (Round weighted average cost per unit to the nearest cent and all other amounts to the
nearest dollar.)
nearest dollar.)
4. If the Business wanted to pay the least amount of income taxes possible, which method would it choose?
4. If the Business wanted to pay the least amount of income taxes possible, which method would it choose?
4. If the Business wanted to pay the least amount of income taxes possible, which method would it choose?

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