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Comparing cost of goods sold in perpetual system --- FIFO, LIFO methods

Suppose that JR Tire Store completed the given perpetual inventory transactions for a line of tires: 

Beginning inventory ............16 tires@ $ 65

Purchase........................10 tires@ $ 78

Sale........................12 tires@ $ 90

find out the cost of goods sold and gross profit by using FIFO. find out the cost of goods sold and gross profit by using LIFO. find out the cost of goods sold and gross profit by using average-cost. (Round average cost per unit to the closest cent and all other amounts to the closest dollar.) Which method outcomes in the biggest gross profit and describe why?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919088

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