Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston bought 40 bicycles at S68 each. On October 31, when the average cost per unit was $62.00, Boston sold 34 bicycles for $100 each. Boston's cost of goods sold under the FIFO, LIFO and weighted average methods is summarized as follows: FIFO LIFO Weighted average Cost of Goods Sold S 2.000 $ 2,312 $ 2.108 Read the requirements Requirement 1. Which inventory costing method produced the lowest cost of goods sold? The inventory costing method produced the lowest cost of goods sold. Requirement 2. Which inventory costing method produced the highest cost of goods sold? The inventory costing method produced the highest cost of goods sold. Requirement 3. If costs had been declining instead of rising, which inventory costing method would have produced the highest cost of goods sold? If prices had been declining instead of rising the V method would have produced the highest cost of goods sold