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 gcods 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 Cost of Goods Sold Inventory on Hand More Info Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Costc CostQuantity Cost Cost Oct. 1 Oct. 1 Beginning merchandise inventory 23 26 29 11 Purchase 23 Sale 26 Purchase 29 Sale 20 tires 12 tires 18 tires 14 tires 16 tires 87 each 101 each 90 each 101 each Totals Compute gross profit using the weighted-average inventory costing method. Gross profit is $ PrintDone using the weighted-average inventory costing method