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.) Cast of Goods Sold Purchases Unit Total Unit Total Inventory on Hand Unit Total Quantity Cost Cost 20 63 1200 Date Quantity Cost Cost Quantity Cost Cost Jul. 1 More Info 11 12 87 1044 63 1280 12 87 1044 23 18 93 1600 Jul. 1 Beginning merchandise inventory 11 Purchase 23 Sale 63 Bach 87 each 26 20 tires @ $ 12 tires @ $ 18 tires $ 14 tires @ $ 16 tires @ $ 93 each 90 each 26 Purchase 29 Sale 93 each 29 Print Done Totals Compute gross profit using the FIFO inventory costing method. Gross profit is S using the FIFO inventory costing method. Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO 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 Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jul. 1 i X More Info - 11 23 Jul. 1 Beginning merchandise inventory 20 tires @ $ 63 each 11 Purchase 12 tires @ $ 87 each 26 23 Sale 18 tires @ $ 93 each 26 Purchase 14 tires @ $ 90 each 29 29 Sale 16 tires @ $ 93 each Totals Print Done Compute gross profit using the LIFO inventory costing method. Gross profit is $ using the LIFO inventory costing method. Requirement 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.) Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted average 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. Purchases Cost of Goods Sold Inventory on Hand X Unit Total - Unit i Total Unit Total More Info Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jul. 1 Jul. 1 Beginning merchandise inventory 20 tires @ $ 63 each 11 11 Purchase 12 tires @ 87 each 23 23 Sale 18 tires @ $ 93 each 26 26 Purchase 14 tires @ $ 90 each 29 29 Sale 16 tires @ $ 93 each Totals Compute gross profit using the weighted-average inventory costing method. Print Done Gross profit is $ using the weighted average inventory costing method. Requirement 4. Which method results in the largest gross profit, and why? The method results in the largest gross profit because during times of inventory prices, this method will produce the cost of goods sold. Enter any number in the edit fields and then continue to the next