Assume that Tour Galor store bought and sold a line of dolls during December as follows:

Assume that Toys Galore store bought and sold a line of dolis during December as follows (Click the loon to view the transactions.) Toys Galore 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. Enber the transactions in chronological onder, caloulating new inventory on hand balances each transact on once the transactons have been entered nto the p Enter the oldest inventory layers first) petual eeoord, caluate the quantity and total cost of m chandise i entry purchased, sol and on hand at the end of the per Purchases Cost of Goods Sold Inventory on Hand More Info Unit Total Cost Cost Quantity Cost Cos Unit Total Unit Total Date Quantity CostCost Quantity C Dec. 1 Dec. 8 Dec. 14 Dec. 1 Beginning merchandise inventory 11 units @$ 9 each 7 unts @$ 24 each 14 units G S 16 each Sale 4 Purchase 21 Sale 13 units 5 24 each Dec. 21 Print Done Totals Question Help inventory costing method. hethod. Enter the transactions in chronological order, calculating new inventory on hand balances nd total cost of merchandise inventory purchased, sold, and on hand at the end of the period. G Requirements Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. Which method results in a higher cost of goods sold? Which method results in a higher cost of ending merchandise inventory? Which method results in a higher gross profit? 1. 2. 3. 4. 5. Print Done Check