ds sold and gross profit using FIFO, LIFO, and average cost methods. i Data Table Beginning inventory ..... Purchase... 25 tires @ $ 178 20 tires @ $ 174 36 tires @ $ 185 Sale... Print Done n click Check Answer. Clear All 33 18 APR 11 5 Assume RB Tire, Inc., completed the following perpetual inventory transactions for a line of tires. Click the icon to view the transactions.) Read the requirements Requirements 1, 2 and 3. Compute cost of goods sold and gross profit uning FIFO, LIFO, and average cost methods. (Round average cont per unit to the nearest cent and all other amounts to the nearest dollar.) FIFO LIFO Sales revenue $ 6,660 6,364 Cost of goods sold Gross profit $ 296 i Requirements First-in, first-out 1. Compute cost of goods sold and gross profit under EIFO. 2. Compute cost of goods sold and gross profit using LIFO. 3. Compute cost of goods sold and gross profit using average cost. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. 4. Which method results in the largest gross profit and why? Print Done