Assume that Toys Galore store bought and sold a line of dolls during December as folows (Cick the icon to view the transactions.li Toys Galore uses the perpetual inventory system. Read the requitements Requirement 2. Compute the cost of goods sold, cost of ending merchandise invertory, and gross proft 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 chronological order, caloulating new imventory on hand balances ater 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 frst) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost More Info Dec. 1 13 117 Dec. 8 Dec. 14 Dec. 1 Beginning merchandise inventory 15 unts S eachs 8 Sale units S 18 each 14 Purchase 16 units S13 each Dec. 21 21 Sale 13 units $ 18 each Totals Print Done Compute the gross profit using the using the LIFO inventory costing method. Gross profit is $ using the LIFO inventory costing method Requirement 3. Which method results in a higher cost of goods sold? Enter any number in the edit flelds and then continue to the next