ompute cost of goods sold and gross profit using FIFU, LIFU, nu avera earest cent and all other amounts to the nearest dollar.) FOI A Data Table Beginning inventory 23 tires @ $ 128 od Purchase 34 tires @ $ 124 resu Sale 36 tires @ $ 180 ce the Print Done the nearest cent and all other unes 10 le FIFO Data Tabla -X Requirements First-in, first-out LE 1. Compute cost of goods sold and gross profit under EIFO 2. Compute cost of goods sold and gross profit using LIFO. 3. Compute cost of goods sold and gross profit using average cost. Round 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? Print Done hapters 4, 5 and 6 TI This Question: 10 pts 14 of 16 Assume B R Tire, Inc., completed the following perpetual inventory transactions for a line of B (Click the icon to view the transactions) Read the requirements Requirements 1, 2, and 3. Compute cost of goods sold and gross profit using FIFO, LIFO, ar average cost per unit to the nearest cent and all other amounts to the nearest dollar) FIFO LIFO Avg Cost Sales revenue Cost of goods sold Gross profit Requirement 4. Which method results in the largest gross profit and why? The here method resulted in the largest gross profit because during times of ce the cost of goods sold average-cost LIFO FIFO Enter any number in the edit fields and then continue to the next question. Save for Later Type here to search ansactions for a line of ures STION rofit using FIFO, LIFO, and average cost methods. (Round e nearest dollar.) inventor rint D and why? Barnvertory tran Cause during times of inventory prices, as was the case of using the FIFO mer increasing decreasing of Good Bold Unit Cest e next question ? 1, 2, and 3. Compute cost of goods sold and gross profit using per unit to the nearest cent and all other amounts to the nearest de FIFO LIFO Avg. Cost s sold nt 4. Which method results in the largest gross profit and why? method resulted in the largest gross profit because during time ethod will produce the cost of goods sold highest lowest number in the edit fields and then continue to the next question. Later Type here to search