Assume that RK Toys store purchased and sold a line of dolls during December as follows: (Click the icon to view the transactions.) RK 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 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.) \begin{tabular}{crlr} \hline Dec. 1 Beginning merchandise inventory & 12 & units @ \$ 9 each \\ 8 Sale & 9 & units @ \$ 20 each \\ 14 Purchase & 16 & units @ \$ 14 each \\ 21 Sale & 13 & units @ \$ 20 each \\ \hline \end{tabular} 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? 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 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.)