His Test: 100 pts possible Assume Yellow Shirt, Inc., bought and sold a line of mountain bikes during October as follows: (Click the ioon to view the data.) Yellow Shirt, Inc, uses the perpetual inventory system. Read the requirements Requirement 1. Compute the cost of ending inventory under FIFO. Start by entering the beginning inventory balances. Enter the transactions in chronological order, caioulating 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 inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first) FIFO Purchases Cost of goods soldInventory on hand Data Table Unit Total Unit Total Unit Tetal Date Oty Cost Cost y Cost Cost ay at Cest Oct Date Hem Quantity Unit Cost Oot 1Baance 267 12 12 Puchase 21 Sale 0 Sale 16S 27 21 30 Print Done Enter any number in the edit fields and then continue to the next question Asoume Yellow Shirt, Inc., bought and sold a line of mountain bikes during October as follows EEB (Click the lcon to view the data.) Yellow Shirt, Inc, uses the perpetual inventory syshem Read the reauirements Requirement 2. Compute the cost of ending inventory under LIFO. Start by entering the beginning inventory balances. Enter the transactions in chrondlogical onder, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the q under LIFO costing Erst. For inventory on hand, onter the oldest inventory layer first) LIFO uantity and total cost of inventory purchased, sold, and on hand at the end of the period (For cost of goods sold, enter the first layer out Purchases Cost of goods sold Inventory on hand Data Table Unit Total Unit Total Unit Total Date Oty Cost Cost ay Cost Cost ty Cost Cos Oct ltem Quantity Unit Cost 10 S267 Date 1 Balance 5 Sale Oct 12 16 s 27 21 21Sale 30 Sale Print Done Enter any number in the edit fields and then continue to the next question Assume Yellow Shirt, Inc., bought and sold a line of mountain bikes during October as follows: EE (Click the icon to view the data.) Yellow Shirt, Inc., uses the perpetual inventory system Read the requirements Data Table Unit Total Unit Total Unit Total Date Oty Cost Cost Qty Cost Cost ty Cost Cos Oct Date Item Quantity Unit Cost 10 S 267 1 Balanoe 5 Sale 12 Purchase 21 Sale 30 Sale 12 16 $ 271 21 Print Done Total Requirement 3. Which method results in higher cost of ending inventory? In times of Inventory prices, as is the case here, the method that results in the highest cost of ending inventory i Enter any number in the edit fields and then continue to the next