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 tra sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Date Quantity Purchases Unit Cost Cost of Goods Sold Total Cost Unit Total Inventory on Hand Unit Total Quantity Cost Cost Quantity Cost Cost Dec. 1 20 $ 11 8 73 $ 584 20 $ 66 $ 1,320 66 $ 1,320 More info 8 $ 73 $ 584 Dec. 1 Beginning merchandise inventory 20 tires @ $66 each 23 8 $ 73] $ 584 13 $ 66 $ 858 Dec. 11 Purchase 8 tires @ $73 each 66 $ 462 Dec. 23 Sale 26 13 $ 84 $ 1,092 13 $ 66 $ 858 13 $ 84 $ 1,092 Dec. 26 Purchase Dec. 29 Sale 15 tires @ $86 each 13 tires @ $84 each 15 tires @ $86 each 29 13 $ 84 $ 1,092 11 $ 66 $ 726 2 $ 66 $ 132 $ 1,676 $ 2,270 $ 726 Totals 21 30 11 Print Done Compute gross profit using the LIFO inventory costing method. Gross profit is $ 310 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 a inventory purchased, sold, and on hand at the end of the period. Purchases Unit Cost of Goods Sold Inventory on Hand Total Date Dec. 1 Quantity Cost Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 11 23 26 29 Totals