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 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. Purchases Cost of Goods Sold Inventory on Hand Total Unit Total Unit Total Unit Dato 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