Assume that JR Tire Store completed the following perpetual inventory transactions for a line of tires (Click the icon to view the transactions) Read the requirements. Requirement 1. Compute cost of goods sold 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 layers First) yon Hand More info D - X nit Total Ost Cost 63 1260 May 1 Beginning merchandise Inventory May 11 Purchase 20 tires 563 each 63 1260 12 tires @S87 each 87 1044) May 23 Sale 18 tires 596 each May 26 Purchase May 29 Sale 14 tires @$50 each 16 tires 596 each Next