comparing cost of goods sold in a perpetual system FIFO ANS LIFO average cost


Question Description:

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beginning inventory 16 tires @ $65 purchase 10 tire @ $ 78 sale 12 tires @ $ 90 1,compute cost of goods sold and gross profit using FIFO 2 compute cost of goods sold and gross profit using Lifo 3 compute cost of goods sold and gross profit using average-cost per unit to nearest cent 4 which method results in the largest gross and why?

Answer

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