Assume that JR 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 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) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec. 11 145 10$ 140 Dec. 8 65 10 S 60 8 $ 105 80 Dec. 14 16S 16 S 256 &$ 10 S 80 165 165 256 Dec. 21 815 10 S 80 10 $ 16 S 160 515 16 S 96 16 Totals 230 20 160 10 Compute the gross profit using the using the FIFO inventory costing method. Gross profit is using the FIFO Inventory costing method - 1 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