Assume that R B Toys store purchased and sold a ine of dolis during December as follows: (i) (Click the icon to view the fransactions) R B Toys uses the perpetual inventory system. Read the requirements. Requirement 1. Compute the cost goods sold, cost of ending merchandise inventory, and gross proft using the FIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise imventory using the Fifo imventory costing method. Enter the transactions in chronological order, calculating new inventsy 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 penod. (Enter the oldost inventory layen fint) 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit? \begin{tabular}{|crr|} \hline Dec. 1 Beginning merchandise inventory & 14 & units @ $9 each \\ 8 Sale & 8 units @ $15 each \\ 14 Purchase & 15 units@ $13 each \\ 21 Sale & 13 units@ $15 each \\ \hline \end{tabular}