Assume that Steelrubber Tire Store completed the following perpetual inventory transactions for a line of tires: (2. (Click the icon to view the transactions) Read the requirements. More info 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 transactions in transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at Corrpule gress proft using the FIFO invontory cosing method Gross proft is using the FFO nventory costing method Requirement 2. Compule cost of goods sold and gross profit using the LIFO inventory cos? Requirement 2. Compute cost of goods sold and gross profit using the LFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the UFO inventory costing method Enter the transa transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on Corngnto gross protit using the LFQ inventory costing method Gioss profit is using the 1.19 mventory costing method Requirement 3. Compute cost of goods sold and gross proft using the woighed average inventory costing method (Round weighted average cost per unit to the nearest cent a Begin by computing the cost of goods sold and cost of ending merchandse inventory using the weghted-average inventory costing method Enter the transactions in chronologice the trarsactions have been entered into the perpetual record, calculate the quantity and total cost of merchand se inventory purchased, sold, and on hand at the end of the penod Compite gioss ptott using the weigited-average inentory costing methad Gross prott is using tise weighthd avecage iventlory.costing method Requirement 4. Which method resuls n tive largest gross prott and whe? imvelory pices, ms meted wi prodice the cost of groets sold