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 merchandise inventory purchased, sold, and on hand at the end of the period. (Enter all amounts to the nearest cent, $X.XX. 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 \fJul. 2 Purchased 12 gallons @ $2.25 each Jul. 6 Purchased 6 gallons @ $2.40 each Jul. 8 Sold 7 gallons of milk to a customer Jul. 13 Purchased 3 gallons @ $3.00 each Jul. 14 Sold 4 gallons of milk to a customerRequirements 1., 2., and 3. Compute ending merchandise inventory, cost of goods sold, and gross profit using the (1) FIFO inventory costing method, (2) LIFO inventory costing method, and (3) weighted-average inventory costing method. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Begin by determining ending merchandise inventory and cost of goods sold under each of the three methods. Requirement 1. Requirement 2. Requirement 3. FIFO Weighted-Average Beginning merchandise inventory $ 504 $ 504 $ 504 Plus: Net cost of inventory purchased 722 722 722 Cost of goods available for sale 1,226 1,226 1,226 Less: Ending merchandise inventory (280)' (224)' (245)' $ 946 $ 1,002 $ 981" Cost of goods sold Now compute the gross profit under each inventory costing method. Now compute the gross profit under each inventory costing method. Requirement 1. Requirement 2. Requirement 3. FIFO LIFO Weighted-Average Sales Revenue $ 1, 184 $ 1, 184 $ 1, 184 Cost of Goods Sold (946) (1,002) (981) Gross Profit 238 $ 182 $ 203Jun. 1 Jun. 12 Jun. 20 Jun. 24 Jun. 29 Beginning merchandise inventory Purchase Sale Purchase Sale 22 units @ $20 each 12 units @ $21 each 14 units @ $38 each 20 units @ $23 each 21 units @ $38 each Jun. 1 Jun. 12 Jun. 20 Jun. 24 Jun. 29 Beginning merchandise inventory Purchase Sale Purchase Sale 24 units @ $18 each 4 units @ $20 each 14 units @ $34 each 20 units @ $22 each 21 units @ $34 each Ending Inventory by Method 350 300 250 200 150 100 FIFO Weighted Average Cost of Goods Sold (COGS) by Method 140 720 TOO 680 Cost 660 GOD FIFO UFO Weighted Average Gross Profit by Method 540 530 500 FIFO LIFO Weighted-Average