Oct. 1 Beginning merchandise inventory Oct. 11 Purchase 30 tires @ $52 each 10 tires @ $64 each 20 tires @ $73 each 20 tires @ $75 each Oct. 23 Sale Oct. 26 Purchase Oct. 29 Sale 22 tires @ $73 each 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. En Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inver Purchases Cost of Goods Sold Inventory on Hand Total Unit Unit Date Quantity Cost Quantity Quantity Cost Cost Oct. 1 Unit Total Total Cost Cost Cost 11 23 26 29 Totals Compute gross profit using the LIFO inventory costing method. Gross profit is using the LIFO inventory costing method