E6-19 Comparing amounts for cost of goods sold, ending inventory, and gross profit-FIFO and LIFO Assume that Toyland store bought and sold a line of dolls during December as follows: Dec. 1 8 Beginning merchandise inventory Sale Purchase Sale 14 11 units @ $ 8 each 6 units @ $ 21 each 17 units @ $ 15 each 15 units @ $ 21 each 21 Requirements gross 1. Compute the cost of goods sold, cost of ending merchandise inventory, and 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