Perpetual riventory transachons for a line of tires Click the icon to view the transactions) Read the requirements. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method Enter the have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased sold, and on hand Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec. 1 Dec. 1 Dec. 1 Dec, 2 23 Dec. 20 M Unit 11 26 Dec. 25 Ro 29 1. CO CO Co 2 Totals COS 3. Enter any number in the edit fields and then click Check Answer Cor inv nea Whi parts ng method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction or d, sold, and on hand at the end of the period (Enter the oldest inventory layers first.) i More Info Stal ost Dec. 1 Beginning merchandise inventory Dec. 11 Purchase Dec. 23 Sale Dec. 26 Purchase Dec. 29 Sale 28 tires @ $70 each 7 tires @ $80 each 14 tires @ $88 each 21 tires @ $82 each 25 tires @ $88 each i Requirements 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. C