Assume that a The Store completed the following perpetual eventory transaction for a ine of tires Click the icon to view the transactions Read the Requirement 1. Compute cest of goods sold and gross profit using the FIFO inventory costing med Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory conting method Enter the transactions in chronological onde calculating new inventory on hand balances are Wansaction Once all of the transactions have been entered into the perpetual record cablate the quantity and total cost of merchandise inventory purchased told and on hand at the end of the period for the destin Layers first Purchase Cour of Goods Sold levertory on Hand Unit Total Total Unit Total Cos Cost Quantity Cost Cost Quantity Cost Cost Dec. 1 11 23 Enter any number is the fields and then continue to the next 215 sume that RB Tire Store completed the following perpetual inventory transactions for a line of tires Click the icon to view the transactions) Read the sont 26 29 Totais Compute gross profit using the FIFO Inventory conting method Gloss promis using the FIFO inventory costing method Requirement 2. Compute cost of 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 in the LIFO entry cosing method Entertain chronologica de calcating ww inventory on hand transition of the transinne ha haanantain the name and when the mouth dues son Assume that RB The Store completed the following prepotul inventory transactions for a line of tires (Click the icon to view the transactions Read the Requirement 2. Compute cost of goods sold and gros profite LIFO nettoycotting method Begin by computing the cost of goods and cost funding merchandisentoring the inconting method to the transactions in the old, ingewys hech action Once of the ansactions have been hered to the perpetrecand calitate them and tal cost of merchandise investory purchased wild and the end of the pied the layers Purchases Cost of Goods Sold Ult Total Link Total Unit Total Guantity Cost Cou Quantity Cost Quantity Cosi Dec 1 11 23 20 From the ed elds and then continue to the next question Assume that RETre Store completed the following perpetual inventory ansactions for a fine of the (Click the loon to view the transaction Read the 26 let Co gross profusing the LIFO Inventory conting method Grupo the Lory costing method Requirement Computecout of goods sold and gross profit using the weighted average Inventory como Round we verage cost per unit to the recent and more Bogh by computing the cost of goods sold and cost of ending merchandise inventory using the weighted age invertory costing to the reaction in chronological order www.tory and balance troch transaction Once art of the transactions have been entered into the perpetual record calculate the way and total cost merchandisinventory purchased and the end of Purchase Cost of Goods Sold Inveyond Total Total Emran number in the ears and then continue to the next Un 2 Total Assume that RB Tire Store completed the following perpetual inventory transactions for a line oftres Click the icon to view the transactions) Read the rest Fus LUHUR wy Unit Total Unit Total Unit Date Quantity Cost Cost Quantity Cost Cost Quantity Dec. 1 11 23 Cost 26 29 Totals Compute gross profit using the weighted average inventory costing method Gross proti in the waverage intory costing method Requirement. Which method results in the gent gross profe and why Eceran number in the edit and then continue to the next question leted the following perpetual inventory transactions for a line of tires ansactions.) LUSEURUUS JUR WIVUTRUTY OF Unit Total Total Unit Cost Total Cact t Cost Quantity Quantu Co - X * More Info Dec. 1 Beginning merchandise Inventory Dec. 11 Purchase Dec. 23 Sale Dec. 26 Purchase 22 tires @ 553 each 14 tires @571 each 18 tiros @ 584 each 10 tires @ $74 each 19 tires @584 each weighted average inventory costing me Dec. 29 Sale 3 the weighted average inventory costin d results in the largest gross profit, and Print Done fields and then continue to the next question D o earch Tire Store completed the following perpetual inventory transactions for a line of tires an to view the transactions.) mants TUGIESES CUSEUES JOU Unit Total HVORY UIT Unit Unit Total Total cantity Cost Cost Quantity Cost * Requirements - X 1. 2. Compute cost of goods sold and gross profit using the FIFO inventory costing method 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) Which method results in the largest gross profit, and why? 3. 4. profit using the weighted average inventory costing using the weighted average inventory cost Which method results in the largest gross profit, and Print Done per in the edit fields and then continue to the next