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Save Homework: Chapter 6 Homework Score: 0 of 4 pts 1 of 10 completely HW Score: 0% 0 of 4 pts E6-20 (book/static) 1 More Info Assume that AB Tre Store completed the following perpetual inventory transactions for a line of fres: Click the loon to view the transactions.) Read the requirements Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise Inventory using the FIFO inventory costing method. Enter transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchand layers first) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Quantity Cost Cost Quantity Cost Cost Quantity Cow Cost May 1 Beginning merchandise inventory 11 Purchase 23 Sale 20 Purchase 29 Sale 16 S 10 tires S 12 tires @ $ 14 tires @ $ 18 tires $ 65 each 78 each 88 each 80 each 88 each Print Done 70 Requirements 1. BBS 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 sing method Compute cost of goods sold and gross profit using the weighted average inventory costing method. (Round weighted average cost per unit to the nestent and all other amounts to the nearest dollar) Which method results in the largest gross profit, and why? 3. 4. Print Done Enter any number in the edit fields and then click Check Answer parts 6 mining Check