Assume that Toys Galore store bought and sold a line of dolls during December as follows: Click the icon to view the transactions.) Toys Galore uses the perpetual in al 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 balance 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 frat) Purchases Cost of Goods Sold Inventory on Hand Unit Unit Quantity Cost Cost Quantity Quantity Cost Unit Total Total Total Date Cost Cost Cost Dec 1 Dec 8 Dec 14 1 Dec. 21 0 Total ry cc More Info Ente! al ne per pry lay 11 Dec. 1 Beginning merchandise inventory 8 Sale units @ $ 10 each units @ $ 22 each 7 14 Purchase 17 units @ $ 14, each units @ $ 22 each 21 Sale 14 Print Done Assume that Toys Galore store bought and sold a line of dolls during December as follows: (Click the icon to view the transactions.) Toys Galore uses the perpetual inventory system Read the requirements Gross profit is $ using the FIFO inventory costing method. Requirement 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. Enter the transactions in chronologien 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 Total Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec. 1 Unit Total Unit Date Dec. Dec 14 Dec. 21 Compute the gross profit using the using the LIFO inventory costing method. Gross profit is s using the LIFO inventory costing method Requirement 3. Which method results in a higher cost of goods sold? The method with the higher cost of goods sold is Requirement 4. Which method results in a higher cost of ending merchandise inventory? The method with the higher cost of ending merchandise inventory is Requirement 5. Which method results in a higher gross profit? The method with the higher gross profitis