Assume that AB The Store completed the following perpetual inventory transactions for a line of tires (Click the icon to view the transactions Read the requirements Requirement 1. Corpule cost of goods sold and gross profit using the inventory costing method Begin by computing the cost of goods sok and coat of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction Once all of the ransactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, gold, and on hand at the end of the period. (Enter the oldest inventory layers ft) Pure Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Quantity Cost Cost Quantity Cost Cost May 1 11 Cost 23 20 Enter any number in the cities and then click Check Answer Assume that AB Tire Store completed the following perpetual inventory transactions for a line of tires Click the icon to view the reactions) Read the requirements Wuus May 1 111 23 26 25 Totals Enter any number in the edit fields and then click Check Answer i More Info -X May 1 Beginning merchandise inventory May 11 Purchase May 23 Sale May 26 Purchase May 29 Sale 16 tires @ $65 each 10 tires @ $78 each 12 tires @ $88 each 14 tires @ $80 each 18 tires @ $88 each Print Done i Requirements X 1. 2. 3. 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? 4. Print Done