- More Info Dec. 1 Beginning merchandise inventory Dec. 8 Sale 14 units @ $10 each 6 units @ $16 each 17 units @ $14 each Dec. 14 Purchase Dec. 21 Sale 13 units @ $16 each Print Done Requirement 1. Compute the cost of goods told, cost of ending merchandise inventory, and gross profit using the FIFO inventory coating method Begin by computing the cost of goods sold and cost of ending merchandise Inventory using the FIFO inventory costing method Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Total Unit Total Unit Total Date Quantity Quantity Quantity Cost Unit Cost Cost Cost Cost Cost 140 Dec. 1 143 10$ 8 Deco Dec. 14 1715 145 238 Dec. 21 Totals