in case you cant see what the first problem says: begin by computing the cost of goods sold and ending merchandise inventory using the FIFO inventory cost method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transcation. once all of the transactions have been entered into the perpetual record, calculate the quality and total cost of merchandise inventory purchased, sold, and on hand at the end of the period (enter oldest period first)

Homework: HW - Chapter 6 Score: 0.41 of 1 pt %E6-19 (similar to) Assume that Models and More store bought and sold a line of dolls during December as follows: i (Click the icon to view the transactions.) Models and More uses the perpetual inventory system. Read the requirements. ring December as follows: - X * More Info ercha chandil logical order, calculatin sold, and on hand at th. r Dec. 1 Beginning merchandise inventory 8 Sale 14 Purchase 14 units @ $ 8 each 8 units @ $ 24 each 15 units @ $ 16 each 14 units @ $ 24 each Goods Unit 21 Sale Cost Print Done Requirements - 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 Eequirement 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 wheread ansaction 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 invente layers first Purchases Cost of Goods Sold Inventory on Hand Unit Total Un Total Un Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cose Cost Doe Det Dec 14 Emerar number in the edit Delds and then click Check Answer Check Answer Ceaf All Purchases Cost of Goods Sold Unit Total Unit Total Inventory on Hand Unit Total Quantity Cost Cost Date Quantity Cost Cost Quantity Cost Cost Dec. 1 Dec. 8 Dec. 14 Dec. 21 Totals