Fit world began january with merchandise inventory of 90 crates of vitamins that cost a total of $ 5,850. during the month, fit world purchased and sold merchandise on account as follows: jan 2 purchases 130 crates @ 76 eachjan 5 sale 140 crates @ 100 eachjan 16 purchases 170 crates @ 86 eachjan 27 sale 180 crates @ 104eachrequirement 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. begin by computing the cost of goods sold and cost of ending merchandise inventory using the fifo inventory costing method. enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventorypurchased, sold, and on hand at the end of the period. (enter the oldest inventory layers first.)purchasescost of goods soldinventory on . 1251627totalsgross profit is $ using the fifo inventory costing method. requirement 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. begin by computing the cost of goods sold and cost of ending merchandise inventory using the lifo inventory costing method. enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventorypurchased, sold, and on hand at the end of the period. (enter the oldest inventory layers first.)purchasescost of goods soldinventory on . 1251627totalsgross profit is $ the lifo inventory costing method. requirement 3. prepare a perpetual inventory record, using theweighted-average inventory costing method, and determine thecompany's cost of goods sold, ending merchandise inventory, and gross profit. begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted-average inventory costing method. enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventorypurchased, sold, and on hand at the end of the period. (round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.)purchasescost of goods soldinventory on . 1251627totalsgross profit is $ the weighted-average inventory costing method. requirement 4. if the business wanted to pay the least amount of income taxes possible, which method would it choose? if the business wanted to pay the least amount of income taxespossible, they would choose (select correct answer; fifo, lifo or weighted-average).