Assume that J R Toys store purchased and sold a line of dolls during December as follows: Click the icon to view the transactions.) J R 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 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 chronological order, calculating new inventory on hand balances after each transaction. Once 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 Assume that 3 R. Toys store purchased and sold a line of dolls curing December as follo. (1) (cick the iconte vien tha tra-sacticins.) JRToys uses the perpetual itiventory system. Read the tepucictinits. Requirement 1. Compule pe oest of poots sold, cot of ending morchandise inventiory. FFFO invertory coting method. Begin by computing the colt of goots sold and cest of ending merchandise inventory us costing method. Erter the trankadions in chronological order, calculating new itventory traniaction. Once all of the trawaytions have beon entered into the perpecual record, ca cost of merchandise imeritory purthased, sclt, and on hand at the end of the peciod. (E laved firltal More info