Assume at JR Tire Store completed the following perpetual inventory transactions for a line of tires: (Click the loon to view the transactions.) Read the requirements Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the UFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand bacos after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, old, and on hand at the end of the period. (Enter the oldest inventory layers first) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total X Date Quantity Cost Cost 6 More into Quantity Cost Cost Quantity Cost Cost Oct 1 22 553 $1166 11 14 $71 Oct 1 Beginning merchandise inventory 22 tires @ $53 each Oct 11 Purchase 14 tires 571 each 23 Oct. 23 Sale 18 tices @ 585 each Oct 26 Purchase 10 tires @ 574 each 26 Oct. 29 Sale 19 tires $86 each 29 Print Done Totals Enter any number in the edit fields and then click Check