e bought and sold a line of dolls during December as follows: the transactions.) al inventory system the cost o f Requirements posting method cost of good wentory on h merchandis ter the transact erpetual record layers first.) Purchases Unit Cost 1. Compute the post 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? Print Done he edit fields and then continue to the next question. unting I Double Entry Rookkeening pur Show Assume that JL Toys store bought and sold a line of dolls during December as follows: Seard (Click the icon to view the transactions.) JL Toys uses the perpetual inventory system. Net Read the formats anc Requirement 1. Compute the cost of goods sold, cost of onding merchandise inventory, and gross profit using the FIFO inventory costing method. frei Begin by computing the cost of goods sold and cost of onding merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological onder, 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.) ww Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity C ost Cost Quantity Cost Dec. 1 Dec. 8 Dec. 14 Ne Dec 21 Hoi Hos Totals Enter any number in the edit fields and then continue to the next question www.d Net Purchases in Arenuntinn I Double Entry Rankkeening MacBook Air Zwe OM Assume that J L Toys store bought and sold a line of dolls during December as follows: and Click the icon to view the transactions.) JL Toys uses the perpetual inventory system Net Read the Compute the gross profit using the using the FIFO inventory costing method. put free Gross proti using the FIFO inventory costing method ww Requirement 2. Compute the cost of goods sold, cost of ending merchandise inventory and gross profit using the LIFO inventory costing method No Begin by coming the cost of goods sold and cost of ending merchandise inventory using the UFO inventory costing method the transactions in chronological order, calculating new inventory on hand balances whereach transaction. Once all of the transactions have been record, calculate the Quantity and cost of merchandise inventory purchased, sold, and on hand at the end of the period the d iventary layers first) Purchases Cost of Goods Sold Inventory on Hand Unit Cost Total Cost Unit Cost Quantity Total Cost Quantity Quantity Cost Cost Date Dec Dec. 8 De 14 Hos Dec. 21 Enter any number in the edit fields and then continue to the next question wwwd Net Purchase in Arniinting I Double Entry Rankkeening o Assume that JL Toys store bought and sold a line of dolls during December as follows: (Click the icon to view the transactions.) JL Toys uses the perpetual inventory system, Net Read the traitements and Dec. 21 pur frei Totals ww Compute the gross profit using the using the LIFO inventory costing method. Ne Gross profit is $ using the LIFO inventory costing method. Requirement 3. Which method results in a higher cost of goods sold? The method with the higher cost of goods sold is Requirement 4. Which method results in a higher cost of ending merchandise inventory? The method with the higher cost of ending merchandise inventory is Hos Requirement 5. Which method results in a higher gross profit? Hos The method with the higher gross profit is Enter any number in the edit fields and then continue to the next question. www.d Net Purchases in Accounting Double Entry Rookkeenind MacBook Air 8 e bought and sold a line of dolls during December as follows: the transactions.) al inventory system the cost o f Requirements posting method cost of good wentory on h merchandis ter the transact erpetual record layers first.) Purchases Unit Cost 1. Compute the post 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? Print Done he edit fields and then continue to the next question. unting I Double Entry Rookkeening pur Show Assume that JL Toys store bought and sold a line of dolls during December as follows: Seard (Click the icon to view the transactions.) JL Toys uses the perpetual inventory system. Net Read the formats anc Requirement 1. Compute the cost of goods sold, cost of onding merchandise inventory, and gross profit using the FIFO inventory costing method. frei Begin by computing the cost of goods sold and cost of onding merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological onder, 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.) ww Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity C ost Cost Quantity Cost Dec. 1 Dec. 8 Dec. 14 Ne Dec 21 Hoi Hos Totals Enter any number in the edit fields and then continue to the next question www.d Net Purchases in Arenuntinn I Double Entry Rankkeening MacBook Air Zwe OM Assume that J L Toys store bought and sold a line of dolls during December as follows: and Click the icon to view the transactions.) JL Toys uses the perpetual inventory system Net Read the Compute the gross profit using the using the FIFO inventory costing method. put free Gross proti using the FIFO inventory costing method ww Requirement 2. Compute the cost of goods sold, cost of ending merchandise inventory and gross profit using the LIFO inventory costing method No Begin by coming the cost of goods sold and cost of ending merchandise inventory using the UFO inventory costing method the transactions in chronological order, calculating new inventory on hand balances whereach transaction. Once all of the transactions have been record, calculate the Quantity and cost of merchandise inventory purchased, sold, and on hand at the end of the period the d iventary layers first) Purchases Cost of Goods Sold Inventory on Hand Unit Cost Total Cost Unit Cost Quantity Total Cost Quantity Quantity Cost Cost Date Dec Dec. 8 De 14 Hos Dec. 21 Enter any number in the edit fields and then continue to the next question wwwd Net Purchase in Arniinting I Double Entry Rankkeening o Assume that JL Toys store bought and sold a line of dolls during December as follows: (Click the icon to view the transactions.) JL Toys uses the perpetual inventory system, Net Read the traitements and Dec. 21 pur frei Totals ww Compute the gross profit using the using the LIFO inventory costing method. Ne Gross profit is $ using the LIFO inventory costing method. Requirement 3. Which method results in a higher cost of goods sold? The method with the higher cost of goods sold is Requirement 4. Which method results in a higher cost of ending merchandise inventory? The method with the higher cost of ending merchandise inventory is Hos Requirement 5. Which method results in a higher gross profit? Hos The method with the higher gross profit is Enter any number in the edit fields and then continue to the next question. www.d Net Purchases in Accounting Double Entry Rookkeenind MacBook Air 8