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 inventory​purchased, sold, and on hand at the end of the period.​ (Enter the oldest inventory layers​ first.)PurchasesCost of Goods SoldInventory on HandUnitTotalUnitTotalUnitTotalDateQuantityCostCostQuantityCostCostQuantityCostCostJan. 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 inventory​purchased, sold, and on hand at the end of the period. ​(Enter the oldest inventory layers​ first.)PurchasesCost of Goods SoldInventory on HandUnitTotalUnitTotalUnitTotalDateQuantityCostCostQuantityCostCostQuantityCostCostJan. 1251627TotalsGross profit is $_______using the LIFO inventory costing method.Requirement 3. Prepare a perpetual inventory​ record, using the​weighted-average inventory costing​ method, and determine the​company's cost of goods​ sold, ending merchandise​ inventory, and gross profit.Begin by computing the cost of goods sold and cost of ending merchandise inventory using the​ weighted-average inventory costing method. Enter the transactions in chronological​ order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual​ record, calculate the quantity and total cost of merchandise inventory​purchased, sold, and on hand at the end of the period. ​(Round weighted average cost per unit to the nearest cent and all other amounts to the nearest​ dollar.)PurchasesCost of Goods SoldInventory on HandUnitTotalUnitTotalUnitTotalDateQuantityCostCostQuantityCostCostQuantityCostCostJan. 1251627TotalsGross profit is ​$_____using 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 taxes​possible, they would choose (select correct answer; FIFO, LIFO or weighted-average).