E5-21A. FIFO versus LIFO versus average-cost (Learning Objectives 2 & 3) 15-20 min. Assume that a Firestone Tire Store completed the following perpetual inventory transactions for a line of tires. Beginning Inventory. Purchase Sale. 34 tires @ $ 82 25 tires @ $ 88 40 tires @ $134 Requirements 1. Compute cost of goods sold and gross profit under FIFO. 2. Compute cost of goods sold and gross profit using LIFO. 3. Compute 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 near est dollar 4. Which method results in the largest gross profit and why