E6-22 Comparing cost of goods sold and gross profit.

E6-22 Comparing cost of goods sold and gross profit-FIFO, LIFO, and Weighted-Average methods Learning Objectives 2, 3 Assume that JR Tire Store completcd the following perpctual inventory transactions CoGS $1,900 for a line of tires: May 1 Beginning merchandise inventory16tires$65 each 10 tires@ $78 each 11 Purchase 12 tires@ $90 each 23 Sale 4 tires $80 each 26 Purchase 29 Sale 15 tires$90 each uirements pute cost of goods sold and gros rofit using the FIFO inventory costing method. 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method. 3. Compute cost of goods sold and gross profit using the wcighted-average inventory costing method. (Round wcighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) E6-22, cont. Requirement 3 Using weighted-average Calculations: Purchases Cost of Goods SoldInvent on Hand Unit Unit Unit Date Quantity Cost Total Cost Quantity ostTotal Cost Quantity Cost Total Cost May 1 23 26 29 Totals Sales Revenue Less: Cost of Goods Sold Gross Profit E6-22, cont. Requirement 3 Using weighted-average Calculations: Purchases Cost of Goods SoldInventory on Hand Unit Unit Unit Date Quantity Cost Total Cost Quantityl Cost Total Cost Quantity Cost Total Cost May 1 23 26 29 Totals Sales Revenuee Less: Cost of Goods Sold Gross Profit