Assume that Models and More store bought and sold a line of dolls during December as follows (Click the loon to view the transactions.) Models and More uses the perpetual inventory system Read the requirements Requirement 1. Compute the cost of goods sold, cost of anding merchandise inventory, and gross profit using the FIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise invertory 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 invertory layers first) Date Quantity Purchases Unit Cost Cost of Goods Sold Inventory on Hand Total Unit Total Unit Total Cost Quantity Cost Cost Quantity Cost Cost Dec. 1 Dec. Dec. 14 Dec. 21 Totais