Assume that Upper B Upper R Toys store bought and sold a line of dolls during December as follows: LOADING...(Click the icon to view the transactions.) Upper B Upper R Toys uses the perpetual inventory system. Read the requirements. LOADING... 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.)

Transactions

Dec. 1 Beginning merchandise inventory 11units @$11each

8 Sale 8units @$18each

14 Purchase 14units @$14each

21 Sale 13units @$18each

	Purchases			Cost of Goods Sold			Inventory on Hand
		Unit	Total		Unit	Total		Unit	Total
Date	Quantity	Cost	Cost	Quantity	Cost	Cost	Quantity	Cost	Cost
Dec. 1
Dec. 8				8
Dec. 14	14	$14	$196
Dec. 21
Totals