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im having a hard time calculating the numbers Assume that RK Toys store purchased and sold a line of dolls during December as follows: (Click

im having a hard time calculating the numbers
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Assume that RK Toys store purchased and sold a line of dolls during December as follows: (Click the icon to view the transactions.) RK Toys uses the perpetual inventory system. Read the requirements OP Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronologica 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 Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Quantity Cost Dec. 1 13 $ Dec. 8 6S BS 48 Dec. 14 14 $ 13s 182 8$ 14 $ 13 $ Cost Cost BIS 104 7 6S 48 182 $ 13 Dec. 21 182 Totals 14 Clear all Check answer Help me solve this Etext pages Get more help More info - X Dec. 1 Beginning merchandise inventory 13 8 Sale 7 units @ $ 8 each units 2 $ 23 each units @ $ 13 each units @ $ 23 each 14 Purchase 14 21 Sale 13 Print Done Requirements 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? C Print Done

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