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.?

Assume that

IronrubberIronrubber

Tire Store completed the following perpetual inventory transactions for a line of? tires:

Dec. 1

Beginning merchandise inventory

28

tires @

$70

each

11

Purchase

7

tires @

$80

each

23

Sale

14

tires @

$90

each

26

Purchase

21

tires @

$82

each

29

Sale

25

tires @

$90

each