ce store chain, maintains milk inventory by the gallon. The first month's milk purchases he purchases and sales.) the an More info X ary 15 using ronolo y and saction. Onc he end of the Jan. 2 Purchased 8 gallons @ $2.00 each Jan. 6 rchase Purchased 4 gallons @ $2.60 each on Hand Jan. 8 Unit Cost Jan. 13 Sold 5 gallons of milk to a customer Purchased 1 gallons @ $2.80 each hit Tota ost Cos Jan. 14 Sold 2 gallons of milk to a customer 2 2.6 M 31 Print Done Zippy, a nxgional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Madison, Wisconsin, location follow (Click the icon to view the purchases and sales.) Read the requirements. Requirement 1. Determine the amount that would be reported in ending merchandise inventory on January 15 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 perpetua record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period (Enter all amounts to the nearest cent, SXXX 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 Jan. 2 B 2 16 2 16 6 4 2.60 104 12 653 Jan. 2 8 2 16 6 4 2.60 10.4 Totals 8 13 14 533 553 8 2 16 12