Assume that AB Tire Store completed the following perpetual inventory transactions for a line of tires: (Click the icon to view the transactions) Read the requirements GOOD Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method 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 rec 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) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Unit Total Date Quantity Cost Quantity Cost Quantity May 1 Total Cost Cost Cost Cost 11 O AVG See b.com/Student/PlayerHomeworpehomeword-61026questoord hebd-67 jeonithe atilus omework Question 4, EF6-20 (book/static) Part 1 of 2 HW Score: 79.504 O Points: 0 of 1 Com the More info COL May 1 beginning merchandise inventory May 11 Purchase May 23 Sale May 25 Purchase May 23 Sale stof ating total 16 fees 555 cach 10 57 each 12 steach Dawach 1858 ch Unil C Print Done Demodocs example Get more help Clear all O HE O Cs E G FB F F F3D & % 5 > on AN 6 7 8 9 o T Y U 1 0 O Assume that AB Tire Store completed the following perpetual inventory transactions for a line of tires: (Click the icon to view the transactions) Read the requirements GOOD Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method 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 rec 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) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Unit Total Date Quantity Cost Quantity Cost Quantity May 1 Total Cost Cost Cost Cost 11 O AVG See b.com/Student/PlayerHomeworpehomeword-61026questoord hebd-67 jeonithe atilus omework Question 4, EF6-20 (book/static) Part 1 of 2 HW Score: 79.504 O Points: 0 of 1 Com the More info COL May 1 beginning merchandise inventory May 11 Purchase May 23 Sale May 25 Purchase May 23 Sale stof ating total 16 fees 555 cach 10 57 each 12 steach Dawach 1858 ch Unil C Print Done Demodocs example Get more help Clear all O HE O Cs E G FB F F F3D & % 5 > on AN 6 7 8 9 o T Y U 1 0 O