Assume that Toyland store bought and sold a line of dolls during December as follows: (Click the icon to view the transactions.) Toyland 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. 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 More Info Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec. 1 Dec. 1 Beginning merchandise inventory 13 units @ $ 8 each Dec. 8 8 Sale 8 units @ $ 16 each Dec. 14 14 Purchase 14 units @ $ 14 each 21 Sale 13 units @ $ 16 each Dec. 21 Print Done Totals Enter any number in the edit fields and then click Check Answer. Clear All Check Answer 6 parts remaining an Requirements brd Bis 8, 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? lin Print Done