E6-19 (similar to) Question Help Assume that J R Toys store bought and sold a lne of s during December as folows 0Oick the een to view the transa sars JR Toys uses the perpetual inventory sysem Read the teuirements Requiremant 1. Compute the cost of goods sold, cost of ending merchandise iventory and gross profft using the FIFO inventory costing med Begin by computing the cost org ods sold ond costofending merchandise n ertory org PO FgOne toyng mered Ente getranactors in chronological o de calcit g new me tory on hand beroes ofter eachtar secton. Once all of the tranactions have been entered Into the perpetual recond, caloulate the quantty and total cost of merchandse invertory putchased, sold, and on hand at the end of the peried (Enter the oldest inventory layers frst) Requiremen More Info . Compute the cost of goods sold cost of ending menchandise inventory and Dee. 1 Beginning merchandise inventory 14 unis 10 each 6 units& $ 25 each 5 units 10 each 13 unts @25each gross proft using the FIFO iventory costing method 2. Compute the cost of goods sold, cost of ending merchandise inventory and gross preft using the LIFO inventory coeing methed 3. Which method resuts in a higher ooet of goods sold? 4. Which method resuts in a higher cost of endingmerchandise invetory s. Which method resuts in a higher gross o 8 Sale 14 Purchae 21 Sale E6-19 (similar to) Question Help Assume that J R Toys store bought and sold a lne of s during December as folows 0Oick the een to view the transa sars JR Toys uses the perpetual inventory sysem Read the teuirements Requiremant 1. Compute the cost of goods sold, cost of ending merchandise iventory and gross profft using the FIFO inventory costing med Begin by computing the cost org ods sold ond costofending merchandise n ertory org PO FgOne toyng mered Ente getranactors in chronological o de calcit g new me tory on hand beroes ofter eachtar secton. Once all of the tranactions have been entered Into the perpetual recond, caloulate the quantty and total cost of merchandse invertory putchased, sold, and on hand at the end of the peried (Enter the oldest inventory layers frst) Requiremen More Info . Compute the cost of goods sold cost of ending menchandise inventory and Dee. 1 Beginning merchandise inventory 14 unis 10 each 6 units& $ 25 each 5 units 10 each 13 unts @25each gross proft using the FIFO iventory costing method 2. Compute the cost of goods sold, cost of ending merchandise inventory and gross preft using the LIFO inventory coeing methed 3. Which method resuts in a higher ooet of goods sold? 4. Which method resuts in a higher cost of endingmerchandise invetory s. Which method resuts in a higher gross o 8 Sale 14 Purchae 21 Sale