Assume that Toyland store bought and sold a line of dolls during December as? follows: LOADING...?(Click the icon to view the? transactions.) Toyland uses the perpetual inventory system. Read the requirements. LOADING... Requirement 1.

Dec. 1

Beginning merchandise inventory

11

units @

$8

each

8

Sale

9

units @

$17

each

14

Purchase

14

units @

$15

each

21

Sale

13

units @

$17

each

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.)

	Purchases			Cost of Goods Sold			Inventory on Hand
		Unit	Total		Unit	Total		Unit	Total
Date	Quantity	Cost	Cost	Quantity	Cost	Cost	Quantity	Cost	Cost
Dec. 1
Dec. 8
Dec. 14
Dec. 21
Totals

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