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Purch Un 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? More Info chase Unit Cost Dec. 1 Beginning merchandise inventory 8 Sale 14 Purchase 21 Sale 14 units @ $ 10 each 6 units @ $ 20 each 16 units @ $ 16 each 14 units @ $ 20 each 10 Print Done Assume that JR Toys store purchased and sold a line of dolls during December as follows: Click the icon to view the transactions.) JR 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. 1 145 10 $ 140 Dec. 8 8$ 10 S 60 815 10$ 80 Dec. 141 16 S 16 S 256 81 $ 10 $ 80 165 165 Dec. 21 815 10$ 80 105 16 $ 160 65 16 S 96 256 Totals 20 $ 236 10 $ 160 256 Compute the gross profit using the using the FIFO inventory costing method. Gross profit is $ 164 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) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Dato Quantity Cost Quantity Cost Cost Quantity Cost Dec. 11 145 10 140 Dec. 8 Dec. 141 16 | s 256 Cost Cost 16 S Dec. 21 14 256 Totals 16 20