Assume that RB 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 end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Unit Total Unit Total Inventory on Hand Unit Total Quantity Cost Cost Date Quantity Cost Cost Quantity Cost Cost Jul. 11 23 26|| 29 Totals Help me solve this Etext pages Get more help Clear all Check answer Assume that RB Tire Store completed the following perpetual inventory transactions for a line of tires: (Click the icon to view the transactions.) Read the requirements. More info Requirement 1. Compute cost Begin by computing the cost of chronological order, calculating calculate the quantity and total the transactions in ed into the perpetual record, t inventory layers first.) Purcha Unit Jul. 1 Beginning merchandise inventory Jul. 11 Purchase Jul. 23 Sale Jul. 26 Purchase Jul. 29 Sale 28 tires @ $70 each 7 tires @ $80 each 14 tires @ $93 each 21 tires @ $82 each 25 tires @ $93 each Date Quantity Cos Jul. 1 11 23 Print Done 26 29 Totals Help me solve this Etext pages Get more help Clear all Check