Assume that B R. Toys store purchased and sold a line of dots during December an fohlows: (2) Cick the icon in view the transictions) B RR Toys uses the perpetual imentory systim. Read the requremeats. Requirement 1. Compute the cost of goods sold, cost of ending merchandse inventory, and gross prefi uting be FiFO inventory costing method hand at the end of the period. (Enter the oldest inventory layes frat) Comcuse the gross profit ueng ge using the FaFO inventary contirg methed: Crost seifit is ising the Fifo inventory cosing reethod: innantineiniav =1En Requirement 2. Compute the cost of goods sold, cost of ending merchandhe invethtory, and gross prott using the LIFO imentory costing method. Begin by computing the cost of goods sold and cost of ending marchandite inventory uting the LIFO imventory covting mithod Enter the vansuctions in chronolopical onder, caloulating new inveritory on hand balances after each transaction. Once al of the transactions have been entered into the perpetual record, catculate the quarbiy and tetal cost of mech andise itventory purchated, sold, and on hand at the end of the peried. (Enter the oldest inventory lyers fne) Compute the gross profi uning the using the LIFO inversory cobting method Grons protitis uning the LFO invetory costing method Requirement 3. Which mwFod results in a Nigher cost of goods sola? The method with the higher cost of goods raild is Assume that B R Toys store purchased and sold a line of dolls during December as follows: (i) Click the icon to view the transactions.) B R Toys uses the perpetual inventory system. Read the requirements. Compute the gross profit using the using the LIFO inventory costing method. Gross profit is using the LIFO inventory costing method. Requirement 3. Which method results in a higher cost of goods sold? The method with the higher cost of goods sold is Requirement 4. Which method results in a higher cost of ending merchandise inventory? The method with the higher cost of ending merchandise inventory is Requirement 5. Which method results in a higher gross profit? The method with the higher gross profit is cost More info ch tran period. Purc U rofit using the using the FIFO inventory costing method. using the FIFO inventory costing method