Begin by computing the cost of goods sold and cost lending merchandise inventory wing the PFO inventory costing method. Enter the transactions in chronological order calling new inventory on and once her each transaction Once all the transactions have been entered into the perpetual record, caloto the quantity and total cost of methandise inventory purchased, old, and on hand at the end of the period. Enter the oldest intentory layers free! Purchases Cost of Goods Sold Inventory on Hand More info Unit Total Unit Unit Total Date Quantity Cost Cost Cost Co Cose 71 11 Purchase 23 S 30 103 201 29 Se 26 1 Requirements 1 2 Computer goods sold and gross prosing the For costing method Congue cost of good and gross pro ang Compute cost of goods sold and song y con metod round me nearest cand with another Te 3 Em any number in the edities and then click Chack wor Cle mang i More Info X Jul. 1 Beginning merchandise inventory 52 each 11 Purchase 64 each 30 tires @ $ 10 tires @ $ 20 tires @ $ 20 tires @ $ 23 Sale 72 each 26 Purchase 75 each 29 Sale 22 tires @ $ 72 each Print Done i Requirements 1. 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