Requirement 1. Compute cost of goods sold 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 tra sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Unit Total Cost of Goods Sold Unit Inventory on Hand Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec. 1 20 $ 66 $ 1,320 11 8 $ 73 $ 584 20 $ 66 $ 1,320 8$ 73 $ 584 23 15 $ 66 $ 990 5 $ 66 $ 330 8 $ 73 $ 584 26 13 $ 84 $ 1,092 5$ 66 $ 330 8 $ 73 $ 584 13 $ 84 $ 1,092 29 66 $ 330 11 $ 84 $ 924 8 $ 73 $ 584 2 $ 84 $ 168 $ 1,676 2,072 924 Totals 21 30 11 Compute gross profit using the FIFO inventory costing method. Gross profit is $ 508 using the FIFO inventory costing method. Requirement 2. Compute cost of goods sold 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 tra sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Unit Cost of Goods Sold Inventory on Hand Total Unit Total Date Dec. 1 Quantity Cost Cost Quantity Cost Cost Quantity Unit Cost Total More info Cost Dec. 1 Beginning merchandise inventory 20 tires @ $66 each 11 Dec. 11 Purchase 8 tires @ $73 each 23 Dec. 23 Sale Dec. 26 Purchase 15 tires @ $86 each Dec. 29 Sale 13 tires @ $84 each 15 tires @ $86 each Totals 26 29 Print Done