Chapter 5 HW E5-21A FIFO versus LIFO versus average-cost Assume that a Firestone Tire Store completed the following perpetual inventory transactions for a line of tires. Beginning Inventory 34 tires @ $82 Purchase. 25 tires @ $88 Sale.. 40 tires @ $134 Requirements 1. Compute cost of goods sold and gross profit under FIFO. 2. Computer cost of goods sold and gross profit using LIFO. 3. Computer cost of goods sold and gross profit using average cost. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. 4. Which method results in the largest gross profit and why?