Oct. 1 Beginning merchandise inventory Oct. 11 Purchase Oct. 23 Sale 30 tires @ $52 each 10 tires @ $64 each 20 tires @ $73 each 20 tires @ $75 each 22 tires @ $73 each Oct. 26 Purchase Oct. 29 Sale Hequirement 3. Compute cost of goods sold und gross profit using the weighted average inventory conting method (Round weighted average cost per unit to the west cent and all other amounts to the nearest dollar transaction. Once at of the transactions have been entered to the perpetrecord, colore the city and total cost of archandise inventory purchased sold and on hand at the end of the period 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 onder, calculating new inventory on hanc Purchases Cost of Goods Sold Inventory an Hand Unit Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cout Quantity Cost Cost Oct. 1 11 Total 23 20 Total Compgross profit using the weighted average entory conting method Gross pros using the weighted average inventory continguthad Requirement & Which method results in the stand why? The methods the westros proceduring of Inventory is the method will produce the cost of goods ht Oct. 1 11 23 26 Tota FIFO Com ghted-ave LIFO Gros ? weighted weighted average Reqi jults in the The method results in th decreasing increasing es of inventory prices, thi highest lowest oduce the cost of goods sold