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 transacions in chronalogical order, calculating news inventory an hand balances ater each transaction Once all of the transacions have been entered into the perpetal record, caloulate the quantly and total oost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the aldest inventory layers first) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jul. 1 11 Enter any number in the edit fields and then continue to the next question. 23 26 29 Totals Compute gross profit using the FIFO inventory costing method Gross profit is $ using the FIFO inventory costing method Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory cossing 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 now 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 Total Unit Total Unit Total Unit Dater Quantitv Cost Cost Quantitv Cost Cost Quantitv Cost Cost Enter any number in the edit filelds and then continue to the next question, Requirement 2, Compute cost of goods sold and gross proft using the LIFO inventory costing method Begin by compuing the cost of goods sold and oost of ending merchandise inventory using the LIFO inventory costing method. Enter the transactions in chronological order, caloulating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantty and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jul. 1 11 Read the requirements 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 welghted 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, caloulating 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. Purchases Cost of Goods Sold Inventory on Hand Enter any number in the edit fieids and then continue to the next question. Read the requirements Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jul. 1 11 23 26 29 Totals Enter any number in the edit fields and then continue to the next question. 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? method results in the largest gross profit because during times of The Yinventory prices, this method will produce the cost of goods sold. Enter any number in the edit fields and then continue to the next question. i More Info 50 each 25 tires @ $ Jul. 1 Beginning merchandise inventory 58 each 15 tires @ $ 11 Purchase 20 tires@ $ 73 each 23 Sale e inve 18 tires @$ 26 Purchase 72 each erag 29 Sale 73 each 21 tires @ $ gest Print Done rges ce the ontinue to the next