Exercise World began January with merchandise inventory of 65 crates of vitamins that cost a total of $3,835. During the month, Exercise World purchased and sold merchandise on account as follows: ?(Click the icon to view the transactions.) Read the requirements Requirement1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit 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 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 the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Data Table Total Unit Total Unit Total Date QuantityCostCostQuantity Cost Cost Quantity Cost Cost Jan. 1 each 160 cratesS108 each 18 Purchase 170 crates 90 each 175 cratesS110 each Jan. 5 Pchase 145 cratesS 80 13 Sale 13 26 Sale PrintDone 26 Totals Determine the company's gross profit using the FIFO inventory costing method. Gross profit is $ using the FIFO inventory costing method