Requirement 1. Compute cost of goods sold and gross profit using the FIFO inverhory costing method. Begin by computing the cot of goods sold and cost of ending merchandse irventory uning the FiFO imventory costing method. Enter the transactions in chronological arder, calculating new inventory on hand of the period. (Enter Be oldest inventory liyers first) Comphe gios prott using tes fifo mvertary cosing metod Grossprotia ining the FIFO inventory costing method More info Requirement 1. Compute cost of goods sold and gross profit using the FIFO inverhory costing method. Begin by computing the cot of goods sold and cost of ending merchandse irventory uning the FiFO imventory costing method. Enter the transactions in chronological arder, calculating new inventory on hand of the period. (Enter Be oldest inventory liyers first) Comphe gios prott using tes fifo mvertary cosing metod Grossprotia ining the FIFO inventory costing method More info