Fill in the blanks. More infoMay 1 beginning merchandise inventory 20 tires @ $66 each May 11 Purchase 8 tires @73 eachMay 23 Sale 15 tires @ 88 each May 26 Purchase 13 tires @84 eachMay 29 Sale 15 tires @$88 each

Assume that JL Tire Store completed the following perpetual inventory transactions for a line of tires: i (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 29 Totals Compute gross profit using the LIFO inventory costing method. Gross profit is using the LIFO inventory costing method. Next