Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method.

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Assume that Blackwall Tire Store completed the following perpetual inventory transactions for a line of tires: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method. ansaction. 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 inmventory lavers first Purchases Cost Goods Sold Inventory on Hand More Info Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 1560 30 52 Dec. 1 Dec. 1 Beginning merchandise inventory 30 tires S 2 each 30 1560 10 64 6AC 52 11 11 Purchase 10 tires@ S - 4 each 10 64 640 20 tires S 23 Sale 6 each 23 26 Purchase 20 tires S 75 each 22 tires S 29 Sale 6 each 1500 5 26 Print Done 29 Totals Begin by compuing the cost of goods sold and cost of ending merchandise inventory usin v inventory on hand balances after each transaction. he LIFO inventory cosing method. Enter the transactions in chronological order, calculating 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.) Purchases Cost of Goods Inventory on Hand Total Total Unit Unit Total Unit Quantity Cost Date Quantity Cost Cost Cost Cost Quantity Cost More Info 5: 30 1560 Dec. 1560 10 64 640 30 5 11 30 tires $ Dec. 1 Beginning merchandise inventory 52 each 10 tires S 11 Purchase 64 each 20 20 tires S 23 Sale 76 each 20 tires $ 26 Purchase each 26 22 tires S 29 Sale each 29 Print Done 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 weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Begin by compud t goods sid a ng merchandise ghtud-avelaye g metnod. Entert perpetu hand balances after each transacuons n chronological order, calculating new inventory the quantity and t char inventory Purchases Cost of Goods Sold Inventory on Hand More Info Total Unit Unit Unit Total Total Cost Quantity Cos Quantity Cost Cost Quantity Cost Cost Date Dec.. 30 tires $ Dec. 1 Beginning merchandise inventory 52 each 11 10 tires S 11 Purchase each 23 20 tires S 23 Sale S each 26 20 tires S 26 Purchase 5 each 20 22 tires@ S 29 Sale each Totals Print Compute gross profit using the weighted-average inventory costing method. Done Gross profit is $ using the weighted-average inventory costing method. Requirement 4. Which method results the largest gross profit, and why? cost of goods sold The method results in the largest gross profit because during times of inventory prices, this method will produce the Enter any number in the edit fields and then continue to the next