Homework: Week 4 Score: 0 of 1 pt E6-20 (similar to) Chapter 06 exercises Save 80f 10 (8 complete) ? HW Score: 80%, 8 of 10 pts Question Help Assume that JR Tire Store completed the following perpetual inventory transactions for a line of tres ?(Click the icon to view the transactions ) Read the requirements Requirement 1. Compute cost of goods sold 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 quandity 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 Tota Date Quantity Cost Cost Quantity Cost Cost Quantity CostCost Unit Total Unit Total May 1 23 26 29 Totals