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  3. oct. 1 beginning merchandise inventory 20 tires

Oct. 1 Beginning merchandise inventory 20 tires @ $63 each Oct....

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Accounting

Oct. 1
Beginning merchandise inventory
20 tires @ $63 each
Oct. 11
Purchase
12 tires @ $87 each
Oct. 23
Sale
18 tires @ $93 each
Oct. 26
Purchase
14 tires @ $90 each
Oct. 29
Sale
16 tires @ $93 each
Compute cost of goods sold and gross profit using the FIFO inventory costing method.
2.
Compute cost of goods sold and gross profit using the LIFO inventory costing method.
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.)
4.
Which method results in the largest gross profit, and why?

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