f en endin bee Cos ntity More info Dec. 1 Beginning merchandise inventory 8 Sale 14 Purchase 21 Sale Print 13 8 16 14 Done units@ $9 each units @ $ 22 each units @ $ 14 each units @ $22 each - X nola pur Assume that Toys Galore store purchased and sold a line of dolls during December as follows Click the icon to view the transactions) Toys Galore uses the perpetual inventory system Read the requirements. Requirement 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing 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 aher 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 Unit Total Total Cost Inventory on Hand Unit Quantity Cost Total Cost Date Quantity Cost Cost Dec. 1 Dec. Dec. 14 Dec. 21 Totale Cost Quantity