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

i$.($Click the icon to view the transactions.$)$

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Requirement $1.$ Compute cost of goods sold and gross profit using the FIFO inventory costing method.

entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. $($Enter the oldest inventory layers first.$)$

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Requirements

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?