Question Help Assume that Tire Store completed the following perpetual inventory transactions for a line of tires Click the loon to view the transacions Read the recents Requirement 1. Compute cout of goods sold and gross prot using the FIFO vertory coating 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 balance her each transaction Once all of the transactions have been entered to 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 eventory layers) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cout Cost Quantity Cost Cout May 15 23 20 24 Eraybe the chance to the testo Requirement 2 Computo cost of goods sold and grous proht ning the LIFO inventory conting method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory conting method. Enter the transactions in chronological order, calculating new inventory on hand balances whereach action Once of the transactions have been entered into the perpetual record, calculate the quantity and total cost of marchandise inventory purchased, old, and on hand at the end of the period. (Enter the cost inventory layers first) Purchases Cost of Goods Sold Inventory on Hand Ult Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost May 11 Cost 23 20 21 Entry number in the ads and conto the notion Requirement 3. Computo cont of goods sold and grous proht using the weighted average inventory conting method. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest Begin by computing the cost of goods sold and cont of ending merchandise inventory using the weighted average inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balance ater each transaction. Once as of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, cold, and on hand at the and of the period Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Quantity Quantity Cost Cost Quantity Cost D Cost Cost Cost May 11 23 26 25 Totals Come groupong the weighted average inventory coming mod Gross profitis Compute gross profit uning the weighted average inventory costing method using the weighted average inventory costing method. Requirement 4. Which method results in the largest gross profit, and why? method results in the largest gross profit because during times of The inventory prices, this method will produce the cost of goods sold Enter any number in the edit fields and then continue to the next question May 1 Beginning merchandise inventory May 11 Purchase May 23 Sale May 26 Purchase 20 tires @ $63 each 12 tires @ $87 each 18 tires @ $101 each 14 tires @ $90 each May 29 Sale 16 tires @ $101 each
