More Info Dec. 1 Beginning merchandise inventory 16 tires @ $ 65 each 78 each 11 Purchase 10 tires @ S 12 tires @ S 23 Sale 90 each 14 tires @ S 26 Purchase 80 each 29 Sale 18 tires @ $ 90 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.) Read the reguirements. 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 Inventory on Hand Purchases Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec. 1 11 23 261 26 29 Totals Compute gross profit using the FIFO inventory costing method. using the FIFO inventory costing method. Gross profit is $ 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 Cost of Goods Sold Inventory on Hand Purchases Unit Unit Total Total Unit Total Quantity Quantity Quantity Date Cost Cost Cost Cost Cost Cost Dec. 1 11 23 26 29 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 average 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. 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. Inventory on Hand Purchases Cost of Goods Sold Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec. 1 11 23 Quantity Quantity Date Cost Cost Quantity Cost Cost Cost Cost Dec. 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? V inventory prices, this method will produce the V method results in the largest gross profit because during times of V cost of goods sold. The Enter any number in the edit fields and then continue to the next