Assume that Toys Galore store purchased and sold a line of dolls during December as follows: i (Click the icon to view the transactions.) Toys Galore uses the perpetual 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 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 Unit Total Date Quantity Cost Cost Quantity Cost of Goods Sold Unit Cost Total Inventory on Hand Unit Cost Quantity Cost Total Cost Dec. 1 Dec. 8 More info Dec. 14 Dec. 21 Totals Dec. 1 Beginning merchandise inventory 13 units @ $ 11 each 8 Sale 9 units @ $ 22 each 14 Purchase 21 Sale 17 units @ $ 15 each 13 units @ $ 22 each Print Done - X