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Please help me answer requirement 1, 2, 3 and 4. Thank you! Assume Firestone Tire, Inc., completed the following perpetual inventory transactions for a line
Please help me answer requirement 1, 2, 3 and 4. Thank you!
Assume Firestone Tire, Inc., completed the following perpetual inventory transactions for a line of tires (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, and average cost methods. (Round average cost per unit to the nearest cent and all other amounts to the nearest dollar.) FIFO - X X Sales revenue Data table Requirements Cost of goods sold Gross profit 1. Compute cost of goods sold and gross profit under FIFO. Beginning inventory 22 tires @ S 105 2. Compute cost of goods sold and gross profit using LIFO. Purchase 34 tires @s 103 3. Compute cost of goods sold and gross profit using average cost. Round Sale 42 tires @ S 210 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 Print DoneStep by Step Solution
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