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

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Requirement $1.$ Compute cost of goods sold and gross profit using the FIFO inventory costing method.

$\backslash$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$]]],[$Oct$.1,,,,,+2,,,,],[11,,,,,14,,,,],[,,,,,,,+2,,],[23,,,,,,,+2,,],[,,,,,,,,,],[26,,,,,y,,,,-],[,,,,,,,=,,],[29,,,,,,,,\sqrt[\phantom{2}]{8},+2],[,,,,,8,,,,],[,,,,,,,,,],[$Totals$,,,,,,,,,]]$

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$\backslash$table$[[$Oct$.1$ Beginning merchandise inventory,$24$ tires@$,$$$,61$ each$],[11$ Purchase,$6$ tires@$,$$$,76$ each$],[23$ Sale,$16$ tires@$,$$$,86$ each$],[26$ Purchase,$14$ tires@$,$S$,86$ each$],[29$ Sale,$17$ tires@$,$$$,86$ each$]]$

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$28\%$

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$23$:$14$