Assume that Steelrubber Tire Store completed the following perpetual inventory transactions for a line of tires: (i) (Click the icon to view the transactions) \begin{tabular}{llr} \hline Jul. 1 & Beginning merchandise inventory & 28 tires @ \$70 each \\ Jul. 11 & Purchase & 7 tires @ \$80 each \\ Jul. 23 & Sale & 14 tires @ \$87 each \\ Jul. 26 & Purchase & 21 tires @ \$82 each \\ Jul. 29 & Sale & 25 tres @ \$87 each \\ \hline \end{tabular} Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the trans transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and o Compule gioss profit tring the FIFO ifventory costing method Grois proth is: using the FIFO invertory costing method