Dec.1Beginningmerchandiseinventory8Sale14Purchase21Sale1271716units@$10eachunits@$18eachunits@$14eachunits@$18each Assume that J L Toys store purchased and sold a line of dolls during December as follows: (Click the icon to view the transactions.) JL Toys uses the perpetual inventory system. Read the requirements. egin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO imventory costing method. Enter the transactions in chronological order, calculating ew inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantify and total cost of merchandise wentory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit