E6-20 (similar to) (CSok toon to view the transactions.) Read the requirements. Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory oosing method Begin 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, calculating new inventory on hand balances after each transactio Once all of the transactions have been entered into the perpetual recond, caloulate 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 Requirements Mae Info Compute cost of goods sold and gross proft using the FIFO inventy Oct 1 Baginning merchandse inventory Sres 66each 0 Sres $ 78 each 2 Sres @$ 92ach 14 Sres$ 80 each 18 tres@ S92each costing method 2. Compute cost of goods sold and gross prodt using the LIFO inventory costing method Compute cost of goods sold and gross profit using the inventon nearest cent and all othar amounts to the nees dolar which method resuits in the largest gross profe, and why 23 Sale 28 Purchase 29 Sale E6-20 (similar to) (CSok toon to view the transactions.) Read the requirements. Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory oosing method Begin 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, calculating new inventory on hand balances after each transactio Once all of the transactions have been entered into the perpetual recond, caloulate 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 Requirements Mae Info Compute cost of goods sold and gross proft using the FIFO inventy Oct 1 Baginning merchandse inventory Sres 66each 0 Sres $ 78 each 2 Sres @$ 92ach 14 Sres$ 80 each 18 tres@ S92each costing method 2. Compute cost of goods sold and gross prodt using the LIFO inventory costing method Compute cost of goods sold and gross profit using the inventon nearest cent and all othar amounts to the nees dolar which method resuits in the largest gross profe, and why 23 Sale 28 Purchase 29 Sale