Assume that BR Tire Store completed the following perpe

Requirements

Compute cost of goods sold and gross profit using the FIFO inventory costing method

Compute cost of goods sold and gross profit using the LIFO inventory costing method.

Compute cost of goods sold and gross profit using the weighted$-$average inventory costing method. $($Round weighted$-$average cost per unit to the nearest cent and all other amounts to the nearest dollar.$)$

Which method results in the largest gross profit, and why?

More info

$\backslash$table$[[$May $1$ Beginning merchandise inventory,$20$ tires @ $$63$ each$],[$May $11$ Purchase,$12$ tires @ $$87$ each$],[$May $23$ Sale,$18$ tires @ $$98$ each$],[$May $26$ Purchase,$14$ tires @ $590$ each$],[$May $29$ Sale,$16$ tires @ $$98$ each$],[,]]$

Assume that BR Tire Store completed the following perpetual inventory transactions for a line of tires:

$($a$)$

lick the icon to view the transactions.$)$

Read the requirements

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 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.$)$

$\backslash$table$[[$Date$,$Purchases,Cost of Goods Sold,Inventory on Hand$],[$Quantity$,\backslash$table$[[$Unit$],[$Cost$]],\backslash$table$[[$Total$],[$Cost$]],$Quantity,$\backslash$table$[[$Unit$],[$Cost$]],\backslash$table$[[$Total$],[$Cost$]],$Quantity,$\backslash$table$[[$Unit$],[$Cost$]],\backslash$table$[[$Total$],[$Cost$]]],[$May $1,,,,,,,20,63,1260],[11,12,87,1044,,,,20,63,1260],[,,,,,,,,,],[23,,,,18,98,1764,,,],[26,14,90,1260,,,,,,],[,,,,,,,,,],[,,,,,,,,,],[29,,,,,16,98,1568,,,],[,,,,,,,,,],[,,,,,,,,,],[$Totals$,,,=,,,=,,,"]]$

Compute gross profit using the FIFO inventory costing method.