Compute the cost of 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.)

Assume that Toyland store bought and sold a line of dolls during December as follows 1 (Click the icon to view the transactions.) Toyland uses the perpetual Read the requirements inventory system Requirement 1. Compute the cost of 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.) Purchases Cost of Goods Sold Inventory on Hand Requirements Total Total Total Date Quantity Cost Cost Quantity Cost Cost QuantityCost Cost Dec. 1 Dec. 8 Dec. 14 1. 2. 3. Compute the cost of cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. Compute the cost of cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. Which method results in a higher cost of goods sold? Which method results in a higher cost of ending merchandise inventory? Dec. 21 4. method results in a hiaher aross nrofit More Info Totals PrintDone Gross profit is sing the FIFO inventory costing method. Requirement 2. Compute the cost of cost of qoods sold. cost of ending merchandise inventory. and gross profit using the LIFO inventory costing method Enter any number in the edit fields and then continue to the next question. Dec. 1 Beginning merchandise inventory11 units $ 8 each 6 units@ S 21 each 17 units $15 each 15 units $ 21 each 8 Sale 14 Purchase 21 Sale