Solve all requirements. Thank you!!
Assume that BR Tire store comploted the following perpetusi inventory transactions for a ine of ties: (i) (Cick the kon to virw the transactions). Road the reovitements. Requirement 1. Compuhe cost of goods sold and gross proff using the Fifo inventory cosing method. Begin by computing the cost of goods sold and cost of ending merchandise invertory using the FiF O inventory costing mothod. Enter the trassactions in chronolog cal order, cakculating new inventory on tand basances after each fransaction. Once all of the transactons have been ontered inte the perpetual record, calculate the quantity and total cost of merchandise inveritory purchased. sold, and on hand at the end of the period, (Exter the eldest inventory layers first) Assume that BR. Tire Slore completed the following peepetual inventory transactions for a line of tres: (1) (Cick the icon to vienw the transactions.) Read the cequirements. Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventicy costing method. sold, and on hand ot the end of the period. (Eriter the cldest inveniory layers fest) Requirement 1. Compute cost of goods sold and gross profit using the FIFO inverilory costing method Begin by computing the cost of goods sold and cost of ending merchandise imventory using the FlFO itvenitry colsing mothod. Entor the transactions in chronological prdef, calculasing new invertiory on hand baiances afser soch transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cont of merchandite imventory purchased. sold, and on hand at the end of the period, (Enter the oldest inventory layers frat) Comsute gross proft ining the FiF O invertory cosing method. Gross profitis using the FIF O iveritery costrig mehod. Requirement 2 Compute cost of goods sold and gross prott using the LIFO inventary costing method. Begin by computing the cost of goods sold and cost of ending merchandse inventory using the LiFO irventory costing method. Enter the transactions in chronological order, cakculating new invertory on hand balances after each tramaction. Once all of the transactions have been entered into the perpetual record, calcilate the cuarsty and todal cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Erter the oldest inventory layers first) Compull grose proft ising the Lifo inventiory cosing method. Oross proft is using the LFO imentory conting mothod Requirement 3. Compute cost of goods told and gross proft using the weighted-average inventory costing method, (Round weighted average cost per unit to the nearest cent and all other ameunts to the nearest dollat.) Begin by computing the cost of goods sold and cost of ending merchandise inventory using the waighted-average inventiory costing method. Enter the transactions in chronological order, cilculating new inventory on hand balances after each transaction. Once all of the transactions have been ertered into the perpetual record, calculate the quantity and total cost of merchandise inventicy purchased, sold, and on hand at the and of the peciod. Combute grose proft ising the woighted-average inventory costing method. Gross pront is ushy the weighted-average inventory costing method Requirement 4. Which method results in the lagest gross probt, and why? The methed resuts in the largest gross sect because durre times of inveritory prices, this method will produce the cost of goods solt
