%E5-19A (similar to) Question Help Assume Bicycle Universe, Inc., bought and sold a line of mountain bikes during October as follows: (Click the icon to view the data.) Bicycle Universe, Inc., uses the perpetual inventory system. Read the requirements. Requirement 1. Compute the cost of goods sold under FIFO. Start by entering the beginning inventory balances. 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 inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) FIFO: Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost Oct 14 $ 250$ 3,500 1 12 $ 250 $3,000 2 $ 250 $ 500 5 2 $ 250 $ 500 12 11 $ 240 $2,640 11 $ 240 $ 2,640 21 Data Table Date Item Quantity Unit Cost Oct 1 Balance 14/$ 250 5 Sale 12 12 Purchase 11/$ 240 21 Sale 5 30 Sale 5 5 . Print Done cost of goods sold under FIFO. Requirements 1. Compute the cost of goods sold under EIFO. 2. Compute the cost of goods sold under LIFO. 3. Which method results in the higher cost of goods sold? Print Done $ 240 $ 2,640