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Requirement 1. 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.) Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date QuantityCCost Quantity Cot Cost QuantityCost Cost 78 $ 55 4,290 78 $554,290 156 64 s 9,984 54 $ 64 3,456 Jan, 1 156 64 9,984 78 $ 55 4,290 102 64 6,528 114 $ 75 8,550 54 $ 64 3,456 114 $ 75 8,550 18 75 1,350 18 54 S 64 3,456 96 S75 S 7.200 S 21.474 S 18.534 330 18 Determine the company's gross profit using the FIFO inventory costing method. Gross profit is 13,506 using the FIFO inventory costing method. Requirement 2. Prepare a perpetual inventory record, using the LIFO 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 LIFO 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.) Cost of Goods Sold Inventory on Hand Unit Total Unit Total Total Date QuantityCostCost Quatity Cost Cost Quantity Cost Cost Jan. 1 Data Table Jan. 5 Purchase156 crates@ 64 each 180 crates @$ 96 each 8 Purchase 114 crates@ 75 each 50 crates118 each 3 Sale 26 Sale Print Done