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.) Inventory on Hand Cost of Goods Sold Purchases Total Unit Total Unit Total Unit Incorr Cost Cost Quantity Cost Cost Quantity Cost Quantity Cost Date D/4) Dec. 1 V6) Dec. 8 4) Dec. 14 Dec. 21 Totals Enter any number in the edit fields and then click Check Answer the cost of goods so w inventory on hand st of merchandise in he perpetual recora, c ory layers first.) More Info Purchases Unit units@$ 10 each 13 Dec. 1 Beginning merchandise inventory ntity Cost 6 units@ $ 25 each 8 Sale units @ $ 14 each 14 Purchase 14 21 Sale units @$ 25 each 13 Print Done