Compute cost of goods sold and gross profit using the FIFO inventory cost method

Homework: Ch. 6 Homework Score: 0 of 10 pts E6-20 (similar to) Assume that JL Tire Store completed the following perpetual inventory transactions for a line of tires i (Click the icon to view the transactions.) 2 of 15 (complete) 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 inventor 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 Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Date Total Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Enter any number in the edit fields and then click Check Answer parts O remaining Clear All Save 2 of 15 (8 complete) HW Score: 24%, 24 of 100 pts Question Help tires: method. -FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Inventory on Hand Unit Total Cost Cost 7 Clear All Check Answer it using the FIFO inventory costing method. g merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating ng etual record, calon the end of the per t of Goods Sold 0 More Info Unit Cost Oct. 1 Beginning merchandise inventory 11 Purchase 23 Sale 26 Purchase 29 Sale 28 tires @ 7 tires @ 14 tires @ 21 tires @ 25 tires @ $ $ $ $ $ 70 each 80 each 87 each 82 each 87 each Print Done Answer: Clear All inventory costing method. inventory using the FIFO inventory costing method. Enter the transactions in chronological ord * Requirements 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? Print | Done