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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?
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