Fifo , Lifo, C.O.G.S

- X Requirements Compute cost of goods sold and gross profit using the FIFO inventory costing method. 1. Compute cost of goods sold and gross profit using the LIFO inventory 2. costing method. Compute cost of goods sold and gross profit using the weighted-average 3. 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? 4. Print Done More Info 20 tires @ S Jul 1 Beginning merchandise inventory 63 each 11 Purchase 12 tres@ $ 87 each 18 tires@S 23 Sale 98 each 26 Purchase 14 tires@$ 90 each 29 Sale 16 tires @ S 98 each Pont Done FIFO Purcheses Cost of Goods Sold Inventory on Hand Unit Unit Unit Total Total Total Date Cost Cost Quancity Cost Cost Quantity Cost Cost M 1 11 29 Compute roft te PIFO r cting methed Go s 3