ng method he Fl nter Inv More info Oct. 1 Beginning merchandise inventory 20 tires @ $66 each tity Oct. 11 Purchase 8 tires @$73 each 20 20 8 Oct. 23 Sale Oct. 26 Purchase Oct. 29 Sale 15 tires @ $83 each 13 tires @ $84 each 15 tires @ $83 each 5 8 5 Print Done 8 13 X on hand ba Read the requirements. Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chron total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Unit Cost of Goods Sold Inventory on Hand Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Oct. 1 20 66 1320 11 8 73 584 20 66 1320 8 73 584 23 15 66 990 5 66 330 73 584 26 13 84 1092 5 66 330 8 73 584 13 84 1092 29 29 5 66 330 8 73 584 ch Totals Compute gross profit using the FIFO inventory costing method. DI Comp your privacy & county liv Gross profit is using the FIFO inventory costing method. 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 total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) earch Purchases Cost of Goods Sold Unit Total Unit Total Inventory on Hand Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Oct. 1 11 23 26 29 Totals Compute gross profit using the LIFO inventory costing method. Crane nenit in in the LED instine methad Read the requirements. 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 pe Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted-average inventory costing method. Enter the t quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. Purchases Unit Cost of Goods Sold Inventory on Hand Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Oct. 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. Requirement 4. Which method results in the largest gross profit, and why? The FIFO method results in the largest gross profit because during times of increasing inventory prices, this method will produce the lowest