Drag Strip, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Denver, Colorado, 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 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 cent, $XXX. 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 8 $ 1.90 $ 15.20 8 $ 1.90 $ 15.20 2 $ 2.00 $ 4.00 8 $ 1.90 $ 15.20 2 $ 2.00 $ 4.00 3 $ 1.00 $ 5.70 5 $ 1.90 $ 9.50 13 1 $ 3.20 $ 3.20 4 14 5 $ 1.90 $ 9.50 4 $ 1.90 $ 7.60 1 $ 1.90 $ 1,00 $ 22.40 13.30 Totals 11 7 4 Requirements 1. Determine the amount that would be reported in ending merchandise inventory on January 15 using the FIFO inventory costing method. 2. Determine the amount that would be reported in ending merchandise inventory on January 15 using the LIFO inventory costing method. 3. Determine the amount that would be reported in ending merchandise inventory on January 15 using the weighted-average inventory costing method. (Round all amounts to the nearest cent, $X.XX.) Print Done More info Jan. 2 Purchased 8 gallons @ $1.90 each Jan. 6 Purchased 2 gallons @ $2.00 each Jan. 8 Sold 3 gallons of milk to a customer Jan. 13 Purchased 1 gallons @ $3.20 each Jan. 14 Sold 4 gallons of milk to a customer Print Done