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Homework: Chapter 6 Homework Exercises Assume that Toys Galore store purchased and sold a line of dolls during December as follows: Click the icon to view the transactions.) Toys Galore uses the perpetual inventory syster. Read the requirements Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Cost Date Cost Quantity Cost Cost Quantity Quantity Cost Cost 135 9s 117 5$ 9 $ 45 Dec. 1 815 91$ 72 Dec. 8 5 $ 9 $ 45 Dec. 14 16 $ 145 224 16 $ 14S 224 SIS 45 9 $ 98 715 14 S Dec. 21 95 14S 126 $ 224 5 16 $ 243 98 Totals 22 7 Compute the gross profit using the using the FIFO inventory costing method. Gross profit is 5 241 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 costin Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method Enter the the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory las 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 Dec. 14 Dec. 21 Total Help me solve this Etext pages Get more help x More info 13 units @ $ 9 each Dec. 1 Beginning merchandise inventory 8 Sale 8 units @ $ 22 each 14 Purchase 16 units @ $ 14 each 14 units @ $ 22 each 21 Sale Print Done al order, calculating new inventory on hand balances after each transaction. Once all of the transactions