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tum LE 2 31 IE 1 TE il TE 2! - May 1 Beginning merchandise inventory May 11 Purchase May 23 Sale May 26 Purchase 30 tires @ $52 each 10 tires @ $64 each 20 tires @ $72 each 20 tires @ $75 each 22 tires @ $72 each May 29 Sale 1 tequirement 1. Computo cost of goods sold and gross profit using the FIFO inventory conting method Jogin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method Ende on entored into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand Purchases Cost of Goods Sold Inventory on Hand Unit Total Total Quantity Quantity May 1 Unit Total Cost Cost Cost Date Unit Cost 52 Cost Quantity 30 30 Cost 1560 1560 52 10 84 640 11 10 64 640 20 40 23 26 29 Totals Compute gross profit using the FIFO inventory costing method. Gross profit is using the FIFO inventory costing method Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method. find the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. E only and total cost of merchandise inventory purchased, nold, and on for a no (Click the icon to view the transactions) Read the requirements. Compute gross profit using the FIFO inventory costing method Gross profit is using the FIFO inventory costing method Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method Begin by computing the cost of goods sold and cost of onding merchandise inventory using the LIFO inventory costing method. Enter the transactior been entered into tho perpetual record, calculate the quantity and total cost of merchandiso inventory purchased, sold, and on hand at the end of the Cost of Goods Sold Inventory on Hand Total Unit Total Date Cost Cost Cost Quantity Quantity Cost Cost Quantity May 1 Purchases Unit Unit Total Cost 11 23 26 29 Totals Compute gross profit using the LIFO inventory costing method Gross profit is using the LIFO Inventory costing method Requirement 3. Compute cost of goods sold and gross profit using the weighted average inventory costing method (Round weighted average com and cost of onding merchandise inventory using the weighted average inventory costing method Enter and fatal cost of merchandise inventory purchase, sold, and on Requirement 3. Comouto cont of goods sold and gross profit using the weighted average Inventory coding method (Round werd Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted average wory couling med en transactions have been entered into the perpetual record, calculate the chantily and total cost of merchandise entory patched and or Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost May 1 11 23 26 29 Totals Computo gross profit using the weighted average inventory coating method Gross profit is wing the weighted average inventory conting method Requirement 4. Which method results in the largest grouprot, and why? metod rosin the largest gross profit because during times of pic, this will pro The

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