Assume that AB Tire Store completed the following perpetual inventory transactions for a line of tires:

Oct. 1 Beginning merchandise inventory 28 tires @ $70 each

11 Purchase 7 tires @ $80 each

23 Sale 14 tires @ $95 each

26 Purchase 21 tires @ $82 each

29 Sale 25 tires @ $95 each

Requirements

1.	Compute cost of goods sold and gross profit using the FIFO inventory costing method.
2.	Compute cost of goods sold and gross profit using the LIFO inventory costing method.
3.	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.	Which method results in the largest gross profit, and why?