May 1	Beginning merchandise inventory	16	tires @	$65	each
11	Purchase	10	tires @	$78	each
23	Sale	12	tires @	$93	each
26	Purchase	14	tires @	$80	each
29	Sale	18	tires @	$93	each

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?

	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
23
26
29
Totals