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 layers first.)

ick the icon to view the transactions.) and total cost of m andise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Pu More Info Quantity Cos ay 1 May 1 Beginning merchandise inventory 11 Purchase 23 Sale 26 Purchase 29 Sale 16 tires @$ 65 each 10 tires @ $ 78 each 12 tires @ $ 84 each 14 tires $80 each 23 Print Done 29 te gross profit using the LIFO inventory costing method. ny number in the edit fields and then continue to the next