Assume that AB Tire Store completed the following perpetual inventory transactions for a line of tires: 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.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total - X More info Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost May 1 16 65 1040 10 78 780 16 65 1040 May 1 Beginning merchandise inventory 16 tires @ $65 each 11 10 78 780 May 11 Purchase 10 tires @ $78 each 23 1056 12 88 May 23 Sale 12 tires @ $88 each May 26 Purchase 14 tires @ $80 each 26 May 29 Sale 18 tires @ $88 each 29 Print Done Totals