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 Total Total Unit More Info Unit Cost Total Cost Cost Quantity Cost Quantity | Cost Unit Date Quantity | Cost May 1 IN 71N801 23 | 28 || 70 ||| 1960 35 2520 560 P 14 721008 May 1 Beginning merchandise inventory 11 Purchase 23 Sale 28 tires @ 7 tires @ 14 tires @ 21 tires @ 25 tires @ $ $ $ $ $ 70 each 80 each 88 each 82 each 88 each 29 N 26 Purchase 29 Sale | Totals IN 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