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

Reuirements:

please explain how did you get the answer

Toyland uses the perpetual inventory system.

Dec. 1 Beginning merchandise inventory 8 Sale 14 Purchase 13 units @ $ 11 each 7 units @ $ 19 each 16 units @ $ 14 each 13 units @ $ 19 each 21 Sale 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