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 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 More Info - X Dec. 1 Beginning merchandise inventory 11 Purchase 23 Sale 28 tires @ $ 7 tires @ $ 14 tires @ $ 21 tires @ $ 25 tires @ $ 70 each 80 each 90 each 82 each 90 each 26 Purchase 29 Sale Print Done Assume that Blackwall Tire Store completed the following perpetual inventory transactions for a line of tires: Click the icon to view the transactions.) Read the requirements. Purchases Cost of Goods Sold Inventory on Hand Unit Unit Unit Total Cost Total Cost Total Cost Date Quantity Cost Quantity Cost Quantity Cost Dec. 1 Totals