Reference no: EM132588353

Assume that Whitewall Tire Store completed the following perpetual inventory transactions for a line of? tires:

Question 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method.

Question 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method.

Question 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.)

Begin by computing the cost of goods sold and cost of ending merchandise inventory using the? weighted-average inventory costing method. Enter the transactions in chronological? order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual? record, calculate the quantity and total cost of merchandise inventory? purchased, sold, and on hand at the end of the period.