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 the transactions in chronological order, calculating new inventory on hand balances after 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 More Info Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost May 1 25 tires @ $ 50 each 11 May 1 Beginning merchandise inventory 11 Purchase 15 tires @ $ 58 each 23 Sale 20 tires @ $ 71 each 23 26 Purchase 18 tires @ $ 72 each 29 Sale 21 tires @ $ 71 each 26 Requirements 29 1. 2. Totals 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? 3. 4. Print Done Enter any number in the edit fields and then click Check Answer. narts SATI Check