Oct. 1 Beginning merchandise inventory Oct. 11 Purchase 16 tires @ $65 each 10 tires @ $78 each 12 tires @ $93 each Oct. 23 Sale Oct. 26 Purchase 14 tires @ $80 each Oct. 29 Sale 18 tires @ $93 each 1. 2. 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? 3 . 4