Fill in Blanks for Requirement 3 and Requirement 4More infoMay 1 beginning merchandise inventory 20 tires @ $66 each May 11 Purchase 8 tires @73 eachMay 23 Sale 15 tires @ 88 each May 26 Purchase 13 tires @84 eachMay 29 Sale 15 tires @$88 eachThank you in advance!

Assume that JL Tire Store completed the following perpetual inventory transactions for a line of tires: i (Click the icon to view the transactions.) Read the requirements. Gross profit is using the LIFO inventory costing method. Requirement 3. 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.) Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted-average inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost May 1 11 23 26 29 Totals Compute gross profit using the weighted-average inventory costing method. Gross profit is using the weighted-average inventory costing method. Requirement 4. Which method results in the largest gross profit, and why? The method results in the largest gross profit because during times of inventory prices, this method will produce the V cost of goods sold. Next