ts in a higher gross profit ruianuise Vehtory s Which method resul cost of goods sold and gross profit-FIFO, LIFO, and ighted-average methods A Store completed the followving perpetual inventory transactions B Tire for a line of tires: May 1 Beginning merchandise inventory 16 tires e s 65 each 10 tires@$ 78 each 12 tires$ 88 each 14 tires@$ 80 each 18 tires @$ 88 each 11 Purchase 23 Sale 26 Purchase 29 Sale Requirements 1. Compute cost of goods sold and gross profit using the FIFO inventory costing 2 Compure cost of goods sold and gross profit using the LIFO inventory costing 3. Compute cost of goods sold and gross profit using the weighted-average invento method. method. costing method. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.) amounts to thenhted-average cost per uni Which method results in the largest gross profit, and why? 4