lick the icon to view the transactions.) ys uses the perpetual inventory system. he requirements. rement 1. 'Comp by computing the Ory on hand bala and on hand at the 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? - X ry costing method. Enter the transactions in chronological a culate the quantity and total cost of merc te Quantity Dec. 1 Dec. 8 ec. 14 c. 21 tals Print Done nventory system. More info X ent- Dec. 1 Beginning merchandise inventory 13 units @ $ 8 each od. ca 8 Sale 6 units @ $ 19 each 14 Purchase 21 Sale 17 units @ $ 15 each 16 units @ $ 19 each Print Done Assume that R K 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. Requirement 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 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 Cost Quantity Cost Cost Dec. 1 Dec. 8 Dec. 14 Dec. 21 Totals Read the requirements. Compute the gross profit using the using the FIFO inventory costing method. Gross profit is $ 104 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 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.) Inventory on Hand Purchases Unit Cost of Goods Sold Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec. 1 12 $ 96 Dec. 8 Dec. 14 8 $ 72 3 $ 24 145 13 $ 182 35 8 S 24 14 5 13 $ 102 Dec. 21 13 $ 13 5 169 35 85 241 13 S 13 $ 241 Demodocs example Get more help VMware-Horizo dmg 4 VMware-Horizo.dmg " QuickStart Guide....pdf nobles finmgr.pdf MacBook Pro Similar question 202 X 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 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 Unit Cost of Goods Sold Inventory on Hand Total Unit Total Unit Total Date Dec. 1 Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 12 $ 85 96 Dec. 8 9 $ 8 $ 72 3 $ 8 $ 24 Dec. 14 14 $ 13 $ 182 3 $ 8 $ 24 14 $ 13 5 182 Dec. 21 13 $ 13 $ 169 3 $ 8 S 24 15 13 $ 13 182 $ 241 $ 37 Totals Compute the gross profit using the using the LIFO inventory costing method. Gross profit is $ 89 using the LIFO inventory costing method. Dec. 14 14 S 13 $ 182) Dec. 21 Totals 3 $ 8 $ 24 14 $ 13 $ 1821 13 $ 13 $ 169 3 $ 8 $ 24 1 $ 13 $ 13 $ 241 $ 37 182 22' Compute the gross profit using the using the LIFO inventory costing method. Gross profit is 89 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 LIFO. Requirement 4. Which method results in a higher cost of ending merchandise inventory? The method with the higher cost of ending merchandise inventory is FIFO. Requirement 5. Which method results in a higher gross profit? The method with the higher gross profit is FIFO. ndnes example Get more bala