Assume that Models and More store purchased and sold a line of dolls during December as follows:

$($Click the icon to view the transactions.$)$

Models and More uses the perpetual inventory system.

Read the requirements.

Compute the gross profit using the using the FIFO inventory costing method.

Gross profit is $$245$ using the FIFO inventory costing method.

Requirement $2.$ Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method.

Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. Enter the transactions in chronologica

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 th

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