Question: I need the FIFO, LIFO, and average cost methods for the information I have presented. The table below in the picture contains this data: Beginning
I need the FIFO, LIFO, and average cost methods for the information I have presented.
The table below in the picture contains this data: Beginning Inventory..............29 tires @ $118
Purchase................................28 tires @ $121
Sale.........................................41 tires @ $225

Assume JR Tire, Inc., completed the following perpetual inventory transactions for a line of tires. (Click the icon to view the transactions.) Read the requirements Requirements 1, 2, and 3. Compute cost of goods sold and gross profit using FIFO, LIFO, and average cost methods. (Round average cost per unit to the nearest cent and all other amounts to the nearest dollar.) FIFO Sales revenue 9225 Cost of goods sold Gross profit - X Data Table Beginning inventory ....... 29 tires @ $ 118 Purchase 28 tires @ $ 121 Sale 41 tires @ $ 225 Print Done
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