Cost Cost Cost Fast Mart, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Schenectady. New York 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 perpetual 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 cont. SX.XX. Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Quantity Cost Quantity Cost 1.60 16 1 2.2 22 10 16 1.90 4 1.60 1.60 1.90 2.35 1.60 9.60 2 3.80 4.70 14 2 1.90 3.80 2.35 14 12.80 Totals Jan 2 8 1.75 14 6 1.60 3.80 8 6.40 9.50 3.80 PIPINDINININ 13 2 4.7 ILNIA- 1.90 2.35 4 1.60 6,40 1.60 3.20 2 4.70 24.5 6 11.70 More Info Jan. 2 Purchased 8 gallons $1.75 each Jan 6 Purchased 1 gallons @ 52.20 each Jan 8 Sold 3 gallons of mik to a customer Jan. 13 Purchased 2 gallons @ 52.60 each Jan. 14 Sold 4 gallons of mik to a customer Print Done