FIFO Method

i X More Info Oct. 1 Beginning merchandise inventory 28 tires @ $70 each Oct. 11 Purchase 7 tires @ $80 each 14 tires @ $94 each Oct. 23 Sale Oct. 26 Purchase 21 tires @ $82 each Oct. 29 Sale 25 tires @ $94 each Print Done Aegume that Ironrubber Tire Store completed the following perpetual Inventory transactions for a line of tires: Click the icon to view the transactions.) 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.) Cost of Goods Sold Purchases Unit Total Unit Total Cost Inventory on Hand Unit Total Quantity Cost Cost 28 S 70 $ 1.960 Date Quantity Cost Cost Quantity Cost Oct. 1 11 7S 7 80 $ 580 28 $ 1,960 560 7 S 70 $ 80 $ 70 $ $ 23 14 S 70 S 980 14 S 980 7 $ 80 $ 560 26 21 S 82 $ 1,722 14 $ 70 980 80 560 7 S 21 s 82 $ 1,722 29 70 900 7 S 82 542 14 S 7 S 14 80 560 700 1180 $ $ 2,282 28 5628 Totals 60 4 542