Assume that Toys Galore store purchased 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. CD 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, c inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual recond, calculate the quantity and total cost of methanche ing 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 Unit Total Unit Total Date Dec. 1 Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 13 9 117 Dec. 5 Dec. 14 8 22 176 5 9 451 16 14 224 5 9 45) Dec. 21 Totals modocs example Get more help. 34 22 300 Clear all Check am Galore uses the perpetual inventory system. the requirements. More info irement 1. Compute entory costing method. by computing the co ory on hand balance and on hand at the er Dec Beginning merchandise inventory 13 units @$ 9 each od. Enter the transactions in chronoliga 8 Sale 8 units @$ 22 each calculate the quantity and total cost of 14 Purchase Pu 21 Sale 16 units @$ 14 each 14 units @$ 22 each Date Quantity Dec. 1 Dec. 6 Dec. 14 16 Dec. 21 Totals Print Done 14 22 308