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

View the transactions.

Read the requirements.

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

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?

Transactions