E6-19 (similar to) assume that Models and More store purchased and sold a line of dolls during December as follows: Click the icon to view the transactions.) Models and More uses the perpetual inventory system, Read the requirements Requirement 1. Compute the cost of goods sold, cost of onding merchandise inventory, and gross profit using the FIFO inventory costing method. Bogin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order. I 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 purch the period. (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 Dec. 1 Dec. B Enter any number in the edit fields and then click Check Answer Clear All 6 parts remaining O Type here to search RI JULI ead the requirements. Unit Total Unit Total Unit Cost Total Cost Cost Cost Cost Quantity Date Cost Quantity Quantity Dec. 1 Dec. 8 Dec. 14 Dec. 21 Totals Enter any number in the edit fields and then click Check Answer Clear All 6 parts remaining os O I Type here to search More Info Dec. 1 Beginning merchandise inventory 11 8 Sale 8 units @ $ 11 each units @ $ 23 each units @ $ 15 each units @ $ 23 each 14 Purchase 16 21 Sale 14 Print Done Answ Clear All Requirements - X 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? ack Al Print Done Cinar All