Assume that Smooth sailing tire store ....

Homework: Chapter 6 Score: 0 of 4 pts E6-20 (similar to) Assume that Smooth Sailing Tire Store completed the tollowing perpetual inventory tansactions for a line of tires 3 of 7 (5 complete) Score: 64%, 16 Question Ha 0 (Cick the icon to view the transactions.) Read the enquirements Requirement 1. Compute const of goods sold and gross profit uning the FIFO inventory costing method by computing the cost of goods soid and cost of ending merchandise inventory using the FIFO inventory costing method. Enter t of the transactions have been entened into the perpetual reoord, calculahe the quanbity and t the transactions in chronological order, calculating new inventory on hand balances after each transac otal cost of merchandise inventory purchased, sold, and on hand at the end of the peniod. (Enter the oldest inventory nventory on Hand layers frst.) More Int Unilt Total Date Quantiy Cost Cost Quantity C Unit Total Unit Total Cost Quantity Cost Cost u1 Beginning merchandise inventory 22 tres GS $3 each 14 tres @ $ 71 each 18 dres a 84 each 10 tires @ $ 74 each 19 tres @ 84 each 23 Sale 26 Purchase 26 Print Done Totals Enter any number in the edit fields and then click Check Answer remaining Clear Al Check Arewer aa8 8