Homework: Homework 6 Save Score: 0 of 1 pt

Homework: Homework 6 Score: 0 of 1 pt E6-19 (similar to) Assume that Gameland store bought and sold a line of dolls during December as follows: O (Click the icon to view the transactions.) Gameland uses the perpetual inventory systenm Read the Eguirements_ 6 ot 6 (O complete) HW Score: Oof6pts Question Help 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 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 Unit Cost Cost of Goods Sold Total Cost Inventory on Hand Unit Quantity Cost Date Quantity Dec. 21 Quantity Unit Cost Total Cost Total Cost O More Into Dec. 1 Beginning merchandise inventory 8 Sale 14 Purchase 21 Sale 13 9 16 14 units @ S 11 each units @ S 20 each units @ S 14 each units @ S 20 each 2. 3. 4. 5. Requirements Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. Which method results in a higher cost of goods sold? Which method results in a higher cost of ending merchandise inventory? Which method results in a higher gross profit? pnnt Enter any number in the edit fields and then click Check Answer. remaining Done Check Answer