Athletic World began May with merchandise inventory of 70 crates of vitamins that cost a total of $4,550. During the month, Athletic World purchased and sold merchandise on account as follows: (Click the icon to view the transactions.) Read the requirements Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross proft. 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 Cost of Goods Sold Unit Total Date Quantity Cost Cost Quantity Unit Cost Total Inventory on Hand Unit Total Cost Quantity Cost Cost May 1 Totals 13 18 26