Quantity Date Item Unit Cost 12 $ 1 Balance Oct 265 5 Sale 15 $ 12 Purchase 271 21 Sale 30 Sale 7 LO Requirement 1. Compute the cost of goods sold under FIFO. Start by entering the beginning inventory balances. 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 inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Cost of goods sold FIFO: Purchases Inventory on hand Unit Total Unit Total Unit Total Qty Date Qty Cost Cost Qty Cost Cost Cost Cost Oct 1