Assume that RB Tire Store completed the following perpetual inventory transactions for a line of tires: i (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 chronological order, calculating new i calculate the quantity and total cost of More Info - X Inter the transactions in htered into the perpetual record Idest inventory layers first) Purchases Unit Cost Date Quantity May 1 May 1 Beginning merchandise inventory 11 Purchase 23 Sale 26 Purchase 29 Sale 20 tires @ 8 tires @ 15 tires @ 13 tires @ 15 tires @ $ $ $ $ $ 66 each 73 each 84 each 84 each 84 each Print Done br for Requirements VIRT inc sme Totals PTP Compute gross profit using the 2. 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? Gross profit is s u s Requirement 2. Compute cog 4. Enter any number in the edit Print Done 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 Total Unit Cost Cost of Goods Sold Unit Total Quantity Cost Cost Inventory on Hand Unit Total Quantity Cost Cost Quantity Cost Date May 1 66 990 34 1092 Totals Compute gross profit using the FIFO inventory costing method Gross profit is using the FIFO inventory costing method Requirement 2. Come cost of goods sold and gross profusing the UFO inventory costing method 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 int Requirement 2. Compute cost of goods sold and gross profit using the UFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise Inventory using the UFO 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 Inventory on Hand Unit Total Unit Total Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost ut you w you Unit Cost judes got thats bf Wor page font VIRTUA inclas Totals ment Compute gross profit using the LIFO inventory costing method Gross profit is using the LIFO inventory costing method T Pro Requirement 3. 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) Begin by computing the cost of goods sold and cost of ending merchandise Inventory using the weighted average 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 cuantity and total cost of merchandise inventory burchased. sold and on hand at the end of the period Enter any number in the edit fields and then continue to the next question Assume that RB Tire Store completed the following perpetual inventory transactions for a line of tires i (Click the icon to view the transactions.) Read the requirements Totals 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 weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar) Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted average 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 Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost May 1 11 Unit Totals Compute gross profit using the weighted average inventory costing method Gross profit is using the weighted average Inventory costing method Requirement 4. Which method results in the largest gross profit, and why? The cost of goods sold method results in the largest gross profit because during times of Inventory prices, this method will produce the Enter any number in the edit fields and then continge in the next pun