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 recents Requirement 1. Compute cost of goods sold and gross peetit ning the FIFO inventory costing method Begin by computing the cost of goods sold and cont of ending merchandise inventory uning the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balance 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 inwentory layon finit) Purchases Cost of Goods Sold Inventory on Hand Unit Total Total Total Quantity Cout Quantity Cost Quantity Oct 1 Unit Unit Cost Cost Cost Cout 11 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 recents Requirement 1. Compute cost of goods sold and gross peetit ning the FIFO inventory costing method Begin by computing the cost of goods sold and cont of ending merchandise inventory uning the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balance 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 inwentory layon finit) Purchases Cost of Goods Sold Inventory on Hand Unit Total Total Total Quantity Cout Quantity Cost Quantity Oct 1 Unit Unit Cost Cost Cost Cout 11