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 conting method. Enter the transactions in chronological order, calculating new inventory on hand balances at each transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased sold, and on hand at the end of the period. (Enter the oldest inventory layers first) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cout Cost Quant Cost Cost Requirements 1 11 Compute cost of goods old and gross profit using the FIFO inventory costing method 23 2. 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 other amounts to the nearest dolar) Which method results in the largest gross profit, and why? 2 Print Done More Info X 20 tires @ $ 63 each 12 tires @ $ 87 each Jul. 1 Beginning merchandise inventory 11 Purchase 23 Sale 26 Purchase 29 Sale 18 tires @ $ 99 each 14 tires @ $ 90 each 16 tires @ $ 99 each Print Done