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 porpetual inventory system Read the requirements. Begn by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO mventory costing method Enter the transactions in chronological order ch hand balances after each transaction. Once all of the transactions have been entorod into the perpetual record, calculate the quantity and total cost of merchandise inventory the end of the penod. (Enter the oldest inventory layers first) Compute the gross proti using the using the FiFo inventory costing method Gross profit is using the FiFO irventory costing hethod. 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 porpetual inventory system Read the requirements. Begn by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO mventory costing method Enter the transactions in chronological order ch hand balances after each transaction. Once all of the transactions have been entorod into the perpetual record, calculate the quantity and total cost of merchandise inventory the end of the penod. (Enter the oldest inventory layers first) Compute the gross proti using the using the FiFo inventory costing method Gross profit is using the FiFO irventory costing hethod