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 guments 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 cast of ending merchandise inventory uning the FIFO inventury costing method Enter the transactions in chronological order, calculating new inventory on hand balances aher 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.) Cost of Goods Sold Purchases Unit loventory on Hand Total Unit Total Unit Total Date Jul 1 Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 11 23