E6-20 (similar to) Question Help Assume that AB Tire Store completed the folowing perpetual inventory transactions for a line of tires (Click the icon to view the transactions) Read the teguremen Requirement 1. Compule 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 oeder, calculating new inventory on hand balances atter each transaction Once all of the transactions have been entered into the perpetual recond 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 irst of Goods Sold Date QuantityCost Cost Quantity Cos Cost Quantity Cost Cost Oct. 1 26 Enter any number in the edt fields and then click Check Answer parts Clear All Ad JLB - Web+ Marketing jlbworks.com Visit Site