Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jul. 1 i X 11 Requirements i More Info - X 23 1. Jul. 1 Beginning merchandise inventory 28 tires @ $ 70 each 26 2. 11 Purchase 7 tires @ $ 80 each 23 Sale 14 tires @ $ 92 each 3. 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? 26 Purchase 21 tires @ $ 82 each 29 Sale 25 tires @ $ 92 each 29 4. Print Done Print Done Totals