Assume that J L Toys store bought and sold a line of dolls during December as follows Click the icon to view the transactions) JL Toys uses the perpetual inventory system est Read the requirements chronological order, caiculating new inventory on hand balances atter each transaction. Unce all of the transactions nave been entered into the perpetual recora 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 Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec. 1 Dec. 8 Dec. 14 Dec 21 Enter any number in the edit fields and then continue to the next question This course (BA211 Fall 2019 Matousek) is based on Nobles: Horngren's Financial & Managerial Accounting Financial Chapters, 6e e Qu Assume that J L Toys store bought and sold a line of dolls during December as follows i (Click the icon to view the transactions.) JL Toys uses the perpetual inventory system. Read the requirements Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec. 1 11 13 143 Dec. 8 Dec 14 Dec 21 Totals Compute the gross profit using the using the FIFO inventory costing method. Enter any number in the edit fields and then continue to the next question This course (BA211 Fall 2019 Matousek) is based on Nobles: Horngren's Finandial & Managerial Accounting, Financial Chapters, 6e More Info - X Assume that JL Toys store bought and sold a line of dolls during December as (Click the icon to view the transactions) JL Toys uses the perpetual inventory system. Dec. 1 Beginning merchandise inventory 13 units@$ 11 each Read the requitements 8 Sale 9 units@S 24 each 14 Purchase 17 units@S 15 each Gross profift is S using the LIFO inventory costing method 21 Sale units @$ 24 oach 14 Requirement 3. Which method results in a higher cost of goods sold? Print Done 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 Enter any number in the edit fields and then continue to the next question. based on Nobles: Horngren's Financial & Managerial Accounting, Financial Chapters, 6e