Assume that Smooth Sailing Tire Store completed the following perpetual inventory transactions for a line of tires: i (Click the icon to view the transactions.) Read the requirements. More info Requirement 1. Compute cost of goods Begin by computing the cost of goods sd calculating new inventory on hand balan merchandise inventory purchased, sold, sactions in chronological order, Falculate the quantity and total cost of Jul. 1 Beginning merchandise inventory Jul. 11 Purchase Purchases Jul. 23 Sale 16 tires @ $65 each 10 tires @ $78 each 12 tires @ $86 each 14 tires @ $80 each 18 tires @ $86 each Unit Jul. 26 Purchase Date Quantity Cost Jul. 29 Sale Jul. 1 11 10 78 Print Done 23 26 Requirements dl 1. action alculat a Id 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. Print Done