Requirement 1. Compute the cost of goods sold,, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. method, Enter 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 Total Unit Tota Uni Unit Total More Info Date Quantity Cost Cos Quantity Cost Cost Quantity Cost Cost Dec. 1 Dec. 8 12 units S 10 each Dec. 1 Beginning merchandise inventory Dec. 14 7 units$ 19 each 8 Sale rchase Dec. 2 13 units $ 19 each 21 Sale Totals Print Done Enter any number in the edit figlds and then click Check Answar