Tire Store completed the following perpetual inventory transactions for a line of tires:

Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method.

Requirement 2. Compute cost of goods sold and gross profit 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.)

Requirement 4. Which method results in the largest gross profit, and why?

Dec. 1	Beginning merchandise inventory	28 tires @ $70 each
Dec. 11	Purchase	7 tires @ $80 each
Dec. 23	Sale	14 tires @ $94 each
Dec. 26	Purchase	21 tires @ $82 each
Dec. 29	Sale	25 tires @ $94 each