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Assume JR Tire, Inc., completed the following perpetual inventory transactions for a line of tires. (Click the icon to view the transactions.) Read the requirements, Requirements 1, 2 and 3. Compute cost of goods sold and gross profit using FIFO, LIFO, and average cost methods. (Round average cost per unit to the nearest cent and all other arounts to the nearest dollar.) FIFO LIFO Avg. Cust Sales revenue Cost of goods sold Gross profit Requirement 4. Which method results in the largest gross profit and why? The method resulted in the largest gross profit because during times of inventory prices, as was the case here, this method will produce the cost of goods sold. Data table 37 tires @ $ a 187 Beginning inventory Purchase 32 tires @ $ 191 Sale 40 tires @ $ 215 Print Done Requirements 1. Compute cost of goods sold and gross profit under FIFO. 2. Compute cost of goods sold and gross profit using LIFO. 3. Compute cost of goods sold and gross profit using average cost. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. 4. Which method results in the largest gross profit and why? Print Done