ransactions in chronological order, calculating new inventory on hand balances after each transaction U28 More info - X Requirements 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 3. 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 prost, and why? Dec. 1 Beginning merchandise inventory 30 tires $52 each 1. Dec. 11 Purchase Dec. 23 Sale 10 tires 20 tires $64 each 2. $74 each Dec. 26 Purchase Dec. 29 Sale 20 tires $75 each 22 tires @ $74 each 4. Print Done Print Done - X