Assume that AB Tire Store completed the following perpetual inventory transactions for a line of tires: i (Click the icon to view the transactions.) Read the requirements. of the period. (Enter the oldest inventory layers first.) Date May 1 11 23 26 29 Totals Quantity Purchases Unit Cost 14 $ 10 $ 24 Total Cost 71 $ 994 74 $ 740 $ 1,734 Cost of Goods Sold Unit Cost Quantity 18 $ 4 $ 14 $ 1 $ 37 53 $ 53 $ 71 $ 74 $ $ Total Cost 954 212 994 74 2,234 Inventory on Hand Unit Cost Quantity 22 $ 22 $ 14 $ 4 $ 14 $ 4 $ 14 $ 10 $ 9 $ 9 Compute gross profit using the FIFO inventory costing method. Gross profit is $ 689 using the FIFO inventory costing method. Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method. 53 $ 53 $ 71 $ 53 $ 71 $ 53 $ 71 $ 74 $ 74 $ $ Total Cost 1,166 1,166 994 212 994 212 994 740 666 666

Assume that AB Tire Store completed the following perpetual inventory transactions for a line of tires: (i) (Click the icon to view the transactions.) Read the requirements. of the period. (Enter the oldest inventory layers first.) Compute gross profit using the FIFO inventory costing method. Gross profit is Using the FIFO inventory costing method. Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method. Requirement 2. Compute cost of gocods sold and gross proti using the LiFO imentory costing method of the period (Enter the oloest invoniary layers first)