Assume that J L Toys store purchased and sold a line of dolls during December as follows: (Click the icon to view the transactions.) L Toys uses the perpetual inventory system Read the Requirement 1. Compute the cost of goods sold, cost of ending merchandise inventory, 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 ch into the perpetual record, calculate the quantify and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the ol Compute the gross profit using the using the FIFO inventory costing method. Gross profit is using the FIFO inventory costing method. Requirement 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LiFO inventory costing method. Enter the transactions in chro 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 olde More info Compute the gross profit using the using the FIFO inventory costing method Gross profit is using the FFO inventory costing method. Requirement 2. Compute the cost of goods sold, cost of ending merchandise inwenfory, and gross profit using the LIFO imentory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the Lifo inventory costing method. Enter the transactions in chronologic into the perpetual record, calculate the quantify and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inve