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Requirements Compute cost of goods sold and gross profit using the FIFO inventory costing method 1. 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method Compute cost of goods sold and gross profit using the weighted-average inventory costing method. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar) 4 3. Which method results in the largest gross profit, and why? Print Rone Tes of inventory PICES, tnis metnod will proauce the Cost or goo More Info 65 each 16 tires @ $ Dec. 1 Beginning merchandise inventory 78 each 10 tires @ $ 11 Purchase 12 tires @ S 23 Sale 84 each 14 tires @S 26 Purchase 80 each 18 tires@ S 29 Sale 84 each Assume that Smooth Sailing Tire Store completed the following perpetual inventory transactions for a line of tires iClick the icon to view the transactions) Read the requirements Unit Unit Total Unit Total Total Quantity Quantity Date Cost Cost Quantity Cost Cost Cost Cost Dec. 1 11 23 Totals Compute gross profit using the FIFO inventory costing method Gross profit is $ using the FIFO inventory costing method Enter any number in the edit fields and then continue to the next question 26 29 Requirement 2. Compute costof goods sold and gross profit using the LIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. Enter the transactions in chronologia 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 Purchases Cost of Goods Sold Inventory on Hand Unit Total Total Unit Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec. 1 11 23 26 29 Totals Enter any number in the edit fields and then continue to the nevt munnt Assume that Smooth Sailing Tire Store completed the following perpetual inventory transactions for a line of tires Cick the icon to view the transactions) Read the requirements using the LIFO inventory costing method Gross profit is S Requirement 3. Compute cost of goods sold and gross profit using the weighted-average inventory costing method (Round weighted average cost per unit to the nea Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted-average inventory costing method Enter the transactions in c 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 e Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec 1 11 23 26 29 Totals Compute gross profit using the weighted average inventory costing method Gross profit is $ using the weighted average inventory costng method using the weighted average inventory costing methiod Requirement 4. Which method resuts in the largest gross profit, and whiy? method results in the largest gross profit because during tmes of inventory pnces this method will produce the The cost of goods sold Enter any number in the edit fields and then continue to the next