Fast Mart, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Charlotte, North Carolina, location follow: (Click the icon to view the purchases and sales.) Read the requirements. Requirement 1. Determine the amount that would be reported in ending merchandise inventory on July 15 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 all amounts to the nearest cent, $X.XX. Enter the oldest inventory layers first.) Jul. 2 Purchased 8 gallons @ \$2.00 each Jul. 6 Purchased 4 gallons @ \$2.60 each Jul. 8 Sold 5 gallons of milk to a customer Jul. 13 Purchased 1 gallons @ \$2.80 each Jul. 14 Sold 2 gallons of milk to a customer