ethod. ute cost of goods sold and gross profit using the Fi tory costing he cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing blogid etual * Requirements - X destin P 1. tity 2 . 3 . 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? 4. Print Done cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing metho gical order calculating new inventory on hand balances after each transaction. Once all of the transac in hand More Info X Pu May 1 Beginning merchandise inventory 11 Purchase 63 each 87 each 23 Sale 20 tires @ $ 12 tires @ $ 18 tirets @ 14 tires @ $ 16 tires @ $ 95 each 26 Purchase 90 each 29 Sale 95 each Print Done Assume that Whitewall Tire Store completed the following perpetual inventory transactions for a line of tires: Click the icon to view the transactions.) phys 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 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. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost May 1 11 Speci 23 26 first-in 29 ? Enter any number in the edit fields and then continue to the next question, WID WIL U Uw perpetual inventory transactions for a line of tires: Click the icon to view the transactions.) Read the requirements 29 Totals Compute gross profit using the FIFO inventory costing method. Gross profit is $ using the FIFO inventory costing method. Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO 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. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Date Quantity Cost Cost Quantity Cost Cost Quantity Cost May 1 Total Cost 11 Enter any number in the edit fields and then continue to the next question. Click the icon to view the transactions.) Read the requirements. Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO 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. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost. Cost Quantity Cost Cost May 1 11 23 26 first 20 Totals Enter any number in the edit fields and then continue to the next question, tv 15 Question Help Assume that Whitewall Tire Store completed the following perpetual inventory transactions for a line of tires: Click the icon to view the transactions.) Read the requirements. Totals Compute gross profit using the LIFO inventory costing method, Gross profit is $ using the LIFO inventory costing method. Requirement 3. Compute cost of goods sold and gross profit using the weighted-average inventory costing method. (Round weighted averag cost per unit to the nearest cent and all other amounts to the nearest dollar.) Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted-average inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Pnce all of the transactions been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, gold, and on hand at the end the period. Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Quantity Cost Cost May 1 Cost 11 23 26 29 Enter any number in the edit fields and then continue to the next question . Question Help Assume that Whitewall Tire Store completed the following perpetual inventory transactions for a line of tires: Click the icon to view the transactions.) Read the requirements. 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. Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost May 1 11 23 26 29 Totals Compute gross profit using the weighted average inventory costing method. Gross profit is $ using the weighted-average inventory costing method. Requirement 4. Which method results in the largest gross profit, and why? The method results in the largest gross profit because during times of produce the cost of goods sold inventory prices, this method will Enter any number in the edit fields and then continue to the next