i More Info - X w Jul. 1 Beginning merchandise inventory 11 Purchase 52 each 64 each 23 Sale 30 tires @ $ 10 tires @ $ 20 tires @ $ 20 tires @s 22 tires @ $ 73 each 26 Purchase 75 each 29 Sale 73 each Print Done Question Help Aegume that JR Tire Store completed the following perpetual inventory transactions for a line of tires: Click the icon to view the transactions.) Read the requirements Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO 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. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jul 1 11 23 26 29 Totals Compute gross profit using the FIFO inventory costing method. Gross profit is $ using the FIFO inventory costing method Aegume that JR Tire Store completed the following perpetual inventory transactions for a line of tires: Click the icon to view the transactions.) Read the requirements Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO 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. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jul 1 11 23 26 29 Totals Compute gross profit using the LIFO inventory costing method. Gross profit is $ using the LIFO inventory costing method. gume that JR Fire Store completed the following perpetual inventory transactions for a line of fires: Click the icon to view the transactions.) Read the requirements 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 Jul 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 Gross profit is $ using the weighted average inventory costing method Requirement 4. Which method results in the largest gross profit, and why? The cost of goods sold method results in the largest gross profit because during times of inventory prices, this method will produce the