On May 1, a tire store had a beginning inventory of 20 tireswhich it...

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Accounting

On May 1, a tire store had a beginning inventory of 20 tireswhich it purchased for $300 each.
On May 5th, the store purchased 4 more tires for $350 each.
On May 12th, the store purchased 6 more tires for $400 each.
In May, the store sold a total of 12 tires.
Question: At the end of May, will the tire stores total assetson its balance sheet be higher if it uses the LIFO or weightedaverage inventory method? Why?

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At the end of May the tire stores total assets on its balance sheet be higher if it uses the Weighted average method WHY Under the Last in first out LIFO method of inventory See Answer

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In: AccountingOn May 1, a tire store had a beginning inventory of 20 tireswhich it purchased...On May 1, a tire store had a beginning inventory of 20 tireswhich it purchased for $300 each.On May 5th, the store purchased 4 more tires for $350 each.On May 12th, the store purchased 6 more tires for $400 each.In May, the store sold a total of 12 tires.Question: At the end of May, will the tire stores total assetson its balance sheet be higher if it uses the LIFO or weightedaverage inventory method? Why?