Inventory Methods Practice Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June hol 10 wrist watches that cost $50. During June, Watches R Us bought and sold inventory as follows: June 3 -Sold 8 units for $100 each June 16- Purchased 10 units for $56 each June 23 -Sold 8 units for $100 each Prepare a perpetual inventory record for Watches R Us using the FIFO, LIFO and weighted average inventory costing method. Show the computation of gross profit for each method