1. (Click the icon to view the transactions.) Toys Galote utes the perpetual inventory system. Read the teaulrements, Requirement 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costeng menod Begin by computing the cost of goods sold and cost of ending merchandise inventory using the Fif O invertory costing mothod. Entor the transactions in chronsiogical onder, cabulatig new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calcilate the quanthy and total cost of merchandse bevensioy purctased sold, and on hand at the end of the period. (Eiter the oldest imvertiory layers first) Compute the gross proft uaing the using the FIFO inventory costing method Cross prola is using the FIFO inveritory coating method. Toys Galore uses the perpetual inventory system. Read the reovirements. Compute the gross profit using the using the FIFO inventory costing method. Geoss profit is using the FIFO irventory costing method. Requirement 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross proft using the UFO inventory coaling method. sold, and on hand at the end of the period. (Entor the oldest inventory layors firt.) Compute the gross proft using the using the LiFO inventincy costing method. Compute the gross profit using the using the LIFO inventory costing method. Gross profit is using the LIFO inventory costing method. Requirement 3. Which method results in a higher cost of goods sold? The method with the higher cost of goods sold is Requirement 4. Which method results in a higher cost of ending merchandise inventory? The method with the higher cost of ending merchandise inventory is Requirement 5. Which method results in a higher gross profit? The method with the higher gross profit is More info