More info Dec. 1 Beginning merchandise inventory 8 Sale 14 Purchase 21 Sale Totals 14 units @ $ 11 each 6 units @ $ 18 each 15 units @ $16 each 13 units @ $18 each Print Done 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 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 Compute the gross profit using the using the LIFO inventory costing method. Gross profit is using the LIFO inventory costing method..