Part 1 of 3 HW 500 Poin nce store chain, maintains milk inventory by the gallon. The first month's milk purchases an the purchases and sales.) ne the ar More info chrufiolo antity and rst) Jan. 2 Purchase Unit Cost Purchased 8 gallons @ $2.00 each Jan. 6 Purchased 4 gallons @ $2.60 each Jan. 8 Sold 5 gallons of milk to a customer Jan. 13 Purchased 1 gallons @ $2.80 each Jan. 14 Sold 2 gallons of milk to a customer - X ary 15 using the saction. Once he end of the pe on Hand hit Total ost Cost M B 544 6 Print Done 27 8 Requirement 1. Determine the amount that would be reported in ending merchandise inventory on January 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, SXXX 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 Jan. 2 6 8 13 Jan. 2 6 www Totals 00 8 13 11 14