Assume that J R Toys Store purchased and sold a line of dolls during December as follows: Click the icon to view the transactions) JR Toys uses the perpetual Inventory system Read the requirements. Requirement 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered in calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldestiny Purchases Unit Quantity Cost Total Cost of Goods Sold Unit Total Quantity Cost Cost Inventory on Hand Total Quantity Cost Cost Unit Date Cost Dec. 1 Dec. 8 Dec. 141 Dec. 21 Totals More Info Dec 1 Beginning merchandise inventory 8 Sale 14 Purchase 21 Sale 14 units @ $ 10 each 6 units @ $ 20 each 16 units @ $ 16 each 14 units @ $ 20 each Print Done