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Hello, I would really like some help with this, please. begin{tabular}{lll} hline May 1 Beginning merchandise inventory & 30 tires @ $52 each May
Hello, I would really like some help with this, please.
\begin{tabular}{lll} \hline May 1 Beginning merchandise inventory & 30 tires @ \$52 each \\ May 11 Purchase & 10 tires @ \$64 each \\ May 23 Sale & 20 tires @ \$78 each \\ May 26 Purchase & 20 tires @ \$75 each \\ May 29 Sale & 22 tires @ \$78 each \\ \hline \end{tabular} 1. Compute cost of goods sold and gross profit 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 weighted-average inventory costing method. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.) 4. Which method results in the largest gross profit, and why? 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.)Step by Step Solution
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