E6-20 Comparing cost of goods sold and gross profit-FIFO, LIFO, and Learning Objectives 2, 3 weighted-average methods Assume that AB Tire Store completed the following perpetual inventory transactions COGS $2,140 for a line of tires: Beginning merchandise inventory16 tires @S 65 each 10 tires @ $ 78 each 12 tires @ $ 88 each 14 tires @ $ 80 each 18 tires @ $ 88 each May 1 11 Purchase 23 Sale 26 Purchase 29 Sale Requirements 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method. 2. Compute cost of goods sold and gross profit using the LIFO inventory costing 3. Compute cost of goods sold and gross profit using the weighted-average inventory 4. Which method results in the largest gross profit, and why? method. costing method. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar)