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 Cost Cost Quantity Cost Cost Date Quantity May 1 111 10 Quantity 16 Cost 65 Cost 1040 78| 780 16 651 1040 16 tires @ $65 each 10 78 780 23 12 88 1056 May 1 Beginning merchandise inventory May 11 Purchase May 23 Sale May 26 Purchase May 29 Sale 10 tires @ $78 each 12 tires @ $88 each 14 tires @ $80 each 261 18 tires @ $88 each 291 Print Done Totals