i More Info - X Dec. 1 Beginning merchandise inventory 13 units @$ 9 each FIF ing ne d 8 Sale 14 Purchase 8 units @$ 22 each 16 units @$ 14 each d ba 21 Sale 14 units @$ 22 each ota Cost Requirements Print Done -X 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit? Print Done Assume that Toys Gelone store bought and sold a line of dolls during December as follows (Click the icon to view the transactions.) Toys Galore uses the perpetual inventory system Read the ter comments) Requirement 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method Bogin 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 now inventor 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 Cost of Goods Sold Unit Total Unit Total Inventory on Hand Unit Total Dato Dec. 1 Cost Quantity Cost Quantity Cost Cost Quantity Cont Cost Dec. 8 Dec. 14 Dec. 21 Totals Compute the gross profit using the using the FIFO inventory costing method Gross profiss using the FIFO inventory costing method Requirement 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method 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 now invento the pastity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period (Enter the oldest inventory layers Sest) Purcheses Cost of Goods Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Inventory on Hand Unit Total Cost Quantly Cost Cost ad gross profit using the FIFO inventory costing method the FIFO eventory 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 nd of the period (Enter the oldest inventory layers first) Inventory on Hand Unit antity Cost Total Cost gross profit using the LIFO inventory costing method 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 d of the period (Enter the oldest inventory layers first) Inventory on Hand Unit Total ity Cost Cost Assume that Toys Galore store bought and sold a line of dolls during December as follows: (Click the icon to view the transactions.) Toys Galore uses the perpetual inventory system Read the equirements 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 orde 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 Total Cost of Goods Sold Unit Inventory on Hand Total Unit Total Date Dec. 1 Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec. 8 Dec. 14 Dec. 21 Totals Compute the gross profit using the using the LIFO inventory costing method. Gross profit is $ using the LIFO inventory costing method. Requirement 3. Which method results in a higher cost of goods sold? The method with the higher cost of goods sold is Requirement 4. Which method results in a higher cost of ending merchandise inventory? The method with the higher cost of ending merchandise inventory is Requirement 5. Which method results in a higher gross profit? The method with the higher gross profit is Enter any number in the edit fields and then continue to the next question etory 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 nd at the end of the period (Enter the oldest inventory layers fest) Inventory on Hand al Unit Total st Quantity Cost Cost mentory