Assume that JR Tire Store completed the following perpetual inventory transactions for a line of tires: (Click 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 enc of the period. (Enter the oldest inventory layers first.) Date Oct. 1 11 23 26 29 Totals Quantity 8 13 Purchases Unit Cost 21 $73 $84 Total Cost $584 $1,092 $1,676 Cost of Goods Sold Unit . Cost Quantity 15 5 8 Compute gross profit using the FIFO inventory costing method. $86 $66 $73 Total Cost Quantity $1,290 Inventory on Hand Unit Cost $330 $584 20 20 8 5 350 8 8 13 14 $66 $66 $73 $66 $73 $66 $73 $84 $86 Total Cost $1,320 $1,320 $584 $330 $584 $330 $584 $1,092 $1,290 More info Oct. 1 Beginning merchandise inventory Oct. 11 Purchase Oct. 23 Sale Oct. 26 Purchase Oct. 29 Sale Print Done 20 tires @ $66 8 tires @ $73 15 tires @ $86 13 tires @ $84 e 15 tires @ $86 e

Assime that JR Tre Store completed the following perpetual inversory transactions for a line of sres. Rond the teauments. More info Conchle goss prott using the FifO invertoty dostro method: More info Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing meth balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quar of the period. (Enter the oidest inventory layers first.) Compute gross profit using the LIFO inventory costing method. Gross profit is using the LIFO inventory costing method. Requirement 3. Compute cost of goods sold and gross profit using the weighted-average inventory costing method. (Round we) Compute gross protit using the Firu inventory cosung mentou Geoss profit is using the LIFO imventory costing method. Requirement 3. Compute cost of poods sold and gross profit using the weiphted-average inventory costing method. (Round woighted average cost per unit to the nearest cont and all other amot nearest dollar) Bogin by computing the cost of goods sold and cost of ending merchandise invonfory using the woighted-average inventory costing method. Enter the transactions in chronological order, Calculati invontory on hand balances after each vansaction. Once al of the transactions have been entered into the perpetual record, calculate the quantily and total cost of merchandise inventory purchas on hand at the end of the period Corpule goss profit ueng the weighted average irmontory costing method Groge prives is Requirenent 4. Which method resuls in the largest oross profit, and why? The method rewils in the largost gross profit bocause churing temes of mentery prices, this method will produce the cost d goods sold