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

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Accounting

On May 1, a tire store had a beginning inventory of 20 tires which 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 assets on its balance sheet be higher if it uses the LIFO or weighted average inventory method? Why?

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