Assume that Steelrubber Tire Store completed the following perpetual inventory transactions for a line of tires: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Compute cost of goods sold 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.) More Info Purchases Cost of Goods Sold Unit Unit Total Total Cost Inventory on Hand Unit Total Quantity Cost Cost 20 66 Date Quantity Cost Quantity Cost Cost May 1 1320 11 8|| 731 584 20 66 1320 May 1 Beginning merchandise inventory May 11 Purchase May 23 Sale May 26 Purchase May 29 Sale 20 tires @ $66 each 8 tires @ $73 each 15 tires @ $88 each 13 tires @ $84 each 15 tires @ $88 each 8 73 584 221 15|| 66|| 990||| 51 66|| 3301 Enter any number in the edit fields and then continue to the next question Print Done