Assume that Toys Galore store bought and sold a line of dois during December as follows: Click the icon to view the transactions) Toys Galore uses the perpetual inventory system Read the regrets Requirement 1. Compute the cost of goods sold, colofonding merchandise inventory and gross profiting the PFO inventory cosing method Begin by compong the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory coming method: Enter the transactions in onological order, calculating new vertory on hand balances are chansaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and cost of merchandise inventory purchases , and on hand at the end of the period. Enter the desertory layer fint.) Cost of Goods Sold Date Quantity More Info Dec. 1 Beginning merchandise inventory 13 9 16 13 14 Purchase 21 Sale $ each 18 each units 5 13 each nits @ S 18 each Total Compute the gross profit using the using the FIFO inventory costing method Print