My sung method. andise ord, ca i Requirements ds Sol Per, calco he end o 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method. Compute cost of goods sold and gross profit using the LIFO inventory costing method. 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.) Which method results in the largest gross profit, and why? Print Rone Clear All g the FIFO inventory costing method. chandise i wilder, calc record, cald * More Info y the end Goods Sold Unit Cost Jul. 1 Beginning merchandise inventory 11 Purchase 23 Sale 26 Purchase 29 Sale 25 tires @ $ 15 tires @ $ 20 tires @ $ 18 tires @ $ 21 tires @ $ 50 each 58 each 70 each 72 each 70 each Print Done swer. Asume that hebber Tire Store completed the following perpetual inventory transactions for a ne of tires Dick the icon to view the transactions.) Read the regiments Requirement 1. Compute cost of goods sold and gross profit using the inventory costing method. Begin by coming 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 invertory on hand balances ter each transaction Once of the transactions have been entered into the perpetual record, calculate the artity and total cost of merchandise Inventory purchased sold, and on hand at the end of the period (Enter the oldest inventory layers first) Cost of Goods Sold Quantity Cost Cool Quantity Cost Enter y number in the edities and then chok Check Answer 6 per Check