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Assume that BR Tire Store comploted the following perpetual inventory tansactions for a fine of fires. (1) (Click the icon lo view the transactions.) Reed the reguicments Requlrement 1. Corrpuin cest of goods sold and gross profit using the FFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FiFO inventory costing mothod. Enior the trantactons in chronological order, ealculating pew imventory on hand belanoes nfler each transaction. Once all of the transactons have been entered into the perpetual record, calculate the quantily and total cost of meechandiae inventory. purchased, sold, and on hand of the end of the period. (Enter the oldest inventory linyers first) Requirements 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method. 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method. 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.) 4. Which method results in the largest gross profit, and why? More info Requlrement 2. Compute cost of goods sold and gross profit using the LFO invonlory costing method. Begin by compuling the cost of goods sold and cont of ending merchandise inventory using the LFO inventory conthg method. Enter the transactons in dronological orter, ealcutaling new irventory on hand balanoes aller each transaction. Once all ef the transactons have been entered into the perpetual record, calcalate the quantify and fatal oost of merchandion inverincy purchased, sold, and on hand at the end of the period. (Enter the oldest leventory liyers frat.) Compute gross profi uting the Lifo imentary costing method. Gross prote is ulirg the UFO imentory costing method Requlrement 3. Compule cost of goods sold and gross profit using the weighted-avenge invenlory cosing method. (Round weighted awerage cost per unil to the nearost cent and all ctee amounts to the noarest dollac.) Begin by computing the cost of poods sold and cost of ending merchandiso imventory using the woightod-average liventory costing meethod. Enfer the transacsons in erronological order. calculating new invenlory on hand belanoes afier each transaction. Once all of the thansactions have been entered inlo the perpetud rocord, caloulate the quantly and lotal coit dof merchundis invontory purchased, sold, and on hand at the end of the period. Compule gross proft using the weighted wwerage inventory costing mothod. Crose profit is vaing the weighted averege inventory cesting method Requirement 4. Which method rebults in the largem gross profit, and why? The method results in the largest gross profit because during times of inventery prices, twis method wil produce the cost of goodi wid