Assume that J L Toys store purchased and sold a line of dolls during December as follows: (Click the icon to view the transactions.) JL Toys uses the perpetual inventory system. Read the requirements. More info Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LuFO inventory costing method. Enter the transactions in chronological crder, calculating new inventory on hand balances affer each transaction. Onco 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.)