This document outlines requirements for preparing perpetual inventory records using different inventory costing methods (FIFO, LIFO, weighted-average) and calculating the resulting cost of goods sold, ending inventory, and gross profit for each. It asks which method would result in the lowest income taxes for a business.

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Data table 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? Requirement 1. Prepare a perpetual inventory record, using the.
FiFO inventory costing mothod, and deternine the compary's cost of goods soid, ending
morchandise ininition, and gross profit Bogin by computing the cost of goods sold and cost of
ending morchandse mentory using bhe FiFO invuntory oosting method. Enter the transactions in
chronological order, calculathg new inventory on hand at the end of the poriod. (Enter the oldest
invensary layers first) Grots protil in uting the fif q mining costig method