Assume that BR Tire Store completed the following perpetual inventory transactions for a line oltres: (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.) Purchases Unit Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Inventory on Hand Unit Total Quantity Cost Cost 65 1040 Quantity Date May 1 10 65 1040 12 89 1032 May 1 Beginning merchandise inventory 11 Purchase A 23 Sale 16 tires @ $ 10 tires @ $ 12 tires @ $ 14 tires @ $ 18 tires @ $ 65 each 78 each 89 each 80 each 89 each 26 Purchase 29 Sale