Assume that Gameland store purchased and sold a line of dolls during December as follows:

Assume that Gameland store purchased and sold a line of dolls during December as folows: (1) (Click the icon to viow the trensactions) Gameland uses the perpetual inveritory system. Read the requirements. inventory on hard belenoes athec each transaction. Once all of the traritations have been eetered inlo the pripetial record, onkulate the quantiy and total cost of merchardise inventory purctiased, nold, and on hand at the end of the period. (Enter the oldent invenhery layen fint) More info Requirements 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit