Assume that Toyland store bought and sold a line of dolls during December as follows: i (Click the icon to view the transactions.) Toyland uses the perpetual inventory system. ... 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.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Date Quantity Cost Cost Quantity Cost Total Cost Quantity Unit Cost Total Cost Dec. 1 Dec. 8 Dec. 14 Dec. 21 Totals Compute the gross profit using the using the FIFO inventory costing method. Gross profit is $ using the FIFO inventory costing method. More info Dec. 1 Beginning merchandise inventory 8 Sale 11 units @ $ 11 each 8 units @ $25 each 14 Purchase 14 units @ $ 14 each 21 Sale 13 units @ $25 each