More info Assume that Ironrubber Tie Store completed the following perpetual inventory transactions for a line of lires: (Click the icon to view the transactions) Read the requicements. Requirement 1. Compute cost of goods sold and gross profit using the FIFO imentary cosking method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Entor the transactions in chronological order, calculating now inventory on hand balances atter each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantily and total cost of merchandise inventory purchas sold, and on hand at the end of the period. (Enter the cldest inventory layers first.) 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 method. 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.) 4. Which method results in the largest gross profit, and why