Assume that Toyland store purchased and sold a line of dolls during December as follows: (i) (Click the icon to view the transactions.) Toyland uses the perpetual invontory system. Read the teguirements. 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 conting method. Enter the transactions ih chronological order, calculating new imventory on hand balances after each transaction. Once al of the transactions have been entered into the porpebal record, calculate the quantity, and total cost of merchandise inventory purch sold, and on haod at the end of the penod. (Enter the oldest inventory layers fint.) he cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO in More info Requirements 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