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

Inventory on Hand

Unit

Total

Unit

Total

Unit

Total

Date

Quantity

Cost

Cost

Quantity

Cost

Cost

Quantity

Cost

Cost

Jul. $1$

$65$

$$59$

$$3,835$

$5$

$145$

$$80$

$$11,600$

$65$

$$59$

$$3,835$

$145$

$$80$

$$11,600$

$13$

$65$

$$59$

$$3,835$

$50$

$$80$

$$4,000$

$95$

$$80$

$$7,600$

$18$

$170$

$$90$

$$15,300$

$50$

$$80$

$$4,000$

$170$

$$90$

$$15,300$

$26$

$50$

$$80$

$$4,000$

$45$

$$90$

$$4,050$

$125$

$$90$

$$11,250$

Totals

$315$

$$26,900$

$335$

$$26,685$

$45$

$$4,050$

Part $2$

Determine the$$ company's gross profit using the FIFO inventory costing metho