Inside Track, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Flushing, Michigan, location follow: (Click the icon to view the purchases and sales.) Read the requirements. Requirement 1. Determine the amount that would be reported in ending merchandise inventory on May 15 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 all amounts to the nearest cent, $X.XX. 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 Cost Quantity Cost Cost More Info May 21 61 8 May 2 Purchased 11 gallons @ $2.00 each May 6 Purchased 2 gallons @ $2.65 each May 8 Sold 3 gallons of milk to a customer May 13 Purchased 2 gallons @ $2.70 each May 14 Sold 3 gallons of milk to a customer 13 14) Print Done Totals Help Me Solve This e Text Pages Get More Help Clear All Check