Learning Objectives 2, 3 1. COGS $1,900 Comparing cost of goods sold and gross profit-FIFO, LIFO, and Weighted-Average methods assume that JR Tire Store completed the following perpetual inventory transactions or a line of tires: May 1 Beginning merchandise inventory 16 tires @ $65 each Purchase 10 tires @ $78 each 23 Sale 12 tires @ $90 each Purchase 14 tires @ $80 each 15 tires @ $90 each 11 26 29 Sale equirements Compute cost of goods sold and gross profit using the FIFO inventory costing method. Compute cost of goods sold and gross profit using the LIFO inventory costing method. 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.) Which method results in the largest gross profit and why? CHAPTER 6