More info Enter the trans lculate the quan Compute gross profit using the LIFO inventory costing method. 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. 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 cost of goods sold. Assume that Whitewall Tire Store completed the following perpetual inventory transactions for a line of tires: Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method. sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Compute gross profit using the FIFO inventory costing method. Gross profit is using the FIFO inventory costing method. Compute gross profit using the LIFO inventory costing method. Gross profit is using the LIFO inventory costing method. to the nearest dollar.) purchased, sold, and on hand at the end of the period. Com Gros Req Req ghted-average inventory costing method. weighted-average inventory costing method. weighted-average ;ults in the largest gross profit, and why? method results in the largest gross profit because during times of inventory prices, this method will produce the cost of goods sold. Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method. sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Compute gross profit using the LIFO inventory costing method. Gross profit is using the LIFO inventory costing method