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FIFO Inventory Costing Method Assignment | Top Universities

Assume that RB Tire Store completed the following perpetual inventory transactions for a line of tires: A (Click the icon to view the transactions.) Read the requirements. Requirement 1. Compute the cost of goods sold and gross profit using the FIFO inventory costing method. Begin by computing the cost of goods sold and the cost of ending merchandise inventory using the FIFO inventory costing method.
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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. (Enter the oldest inventory layers first.) Purchases Unit Cost Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Inventory on Hand Unit Total | Quantity Cost Cost Quantity * More Info Date Dec. 1 Beginning merchandise inventory 11 Purchase 23 Sale 26 Purchase 29 Sale 20 tires @ $ 8 tires @ $ 15 tires @ $ 13 tires @ $ 15 tires @ $ 66 each 73 each 87 each 84 each 87 each Print Done Cotar number in the ait field. Get Accounting Homework Help Today

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