Assume that AB Tire Store completed the following perpetual inventory transactions for a line of tires:

$($Click the icon to view the transactions.$)$

Read the requirements.

Requirement $1.$ Compute cost of goods sold and gross profit using the FIFO inventory costing method

Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances 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, sold, and on hand at the end of the period. $($Enter the oldest inventory layers first.$)$