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More info 28 tires @ $ 70 each Dec. 1 Beginning merchandise inventory 11 Purchase 7 tires @ $ 80 each 23 Sale 14 tires @ $ 91 each 26 Purchase 21 tires @ $ 82 each 29 Sale 25 tires @ $ 91 each Print Done Requirements x 1. 2. 1 het into hvel Compute cost of goods sold and gross profit using the FIFO inventory costing method Compute cost of goods sold and gross profit using the LIFO inventory costing method Compute coshof 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) Which method results in the largest gross profit, and why? 3. bs 4. Print Done 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 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) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec 1 11 23 26 Time Remaining: 00:37:51 Submit quiz

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