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. . 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. Dec. 8 Dec. 14 Dec. 21 Totals Help me solve this Etext pages Get more help Clear all Check answer Assume that Models and More store purchased and sold a line of dolls during December as follows: i (Click the icon to view the transactions.) Models and More uses the perpetual inventory system. Read the requirements. .. More info costing method. Requirement 1. Compute the cos Begin by computing the cost of go chronological order, calculating ne calculate the quantity and total cos ter the transactions in ered into the perpetual record, Jest inventory layers first.) 13 units @ $ 11 each Dec. 1 Beginning merchandise inventory 8 Sale Purchase Unit 14 Purchase 8 units @ $ 21 each 14 units @ $ 16 each 13 units @ $ 21 each Date Quantity Cost 21 Sale Dec. Dec. 81 Dec. 14 Print Done Dec. 21 Totals Help me solve this Etext pages Get more help Clear all Check