Assume that Smooth Saling Tire Store completed the following perpetual inventory transactions for a line of tires: (Click the icon to view the transactions) Read the murements Requirement 1. Coroute 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 Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost May 1 22.00 22 53 1166 11 14.00 71 994 22 26 Totals Entorn urbedfelds and then click Check Answer 6 maiting Clear All Check Answer profit using the FIFO inventory costing method. unding merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on ha calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory lay Cost of Goods Sold Unit Total Requirements Cost Cost 1. 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? 3. 4. Print Done Check Answer Clear All fit using the FIFO inventory costing method. ing merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inven calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest in ost of Goods Sold Unit Total More Info ly Cost Cost May 1 Beginning merchandise inventory May 11 Purchase May 23 Sale May 26 Purchase May 29 Sale 22 tires @ $53 each 14 tires @ $71 each 18 tires @ $78 each 10 tires @ $74 each 19 tires @ $78 each Print Done Done eck Answer Elean All