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AssumeFisher Tire, Inc., completed the following perpetual inventory transactions for a line of tires. Beginning inventory. . . . . . 38 tires @ $130
AssumeFisher Tire, Inc., completed the following perpetual inventory transactions for a line of tires.
Beginning inventory. . . . . . | 38 | tires @ | $130 |
Purchase. . . . . . . . . . . . . . . | 16 | tires @ | $135 |
Sale. . . . . . . . . . . . . . . . . . . | 43 | tires @ | $224 |
. Compute cost of goods sold and gross profit using FIFO, LIFO, and average cost methods. (Round the average cost per unit to the nearest cent and all other amounts to the nearest dollar.)
| FIFO |
Sales revenue |
|
Cost of goods sold |
|
Gross profit |
|
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