Assume that Toyland slore purchased and sold a line of dolls during Docember as follows: (i) (Click the icon to view the transactions.) Tavand wisar tha nomatual inivontionivistom Requirements More info 1. Compute the cost of goods sold, cost of ending merchandiso inventory, and gross profft using the FIFO inventory costing mothad. 2. Compute the cost of goods sold, cost of ending morchandise inventory, and gross profit using the LIFO inventory costing mothod. 3. Which method rosults in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandse invontory? 5. Which method rosults in a higher gross profit? 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.) more help . Assume that Toyland store purchased and sold a line of dolls during December as follows