Requirement 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing met Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the trans chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventor Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec. 1 14 $ 10 S 140 Dec. 8 6 $ 10$ 60 8$ 10$ 80 Dec, 14 16 $ 16 $ 256 8$ 10 S Date 80 16 S 16 S 256 Dec. 21 8 $ 10 $ 80 10$ 16 $ 160 6 $ 16 S 96 236 10 160 Totals 16 256 20 Compute the gross profit using the using the FIFO inventory costing method. Gross profit is using the FIFO inventory costing method. 65 101 $ 60 8$ 10$ 80 88 256 815 10 $ 80 16 S 165 256 BIS BO 10 $ 16 $ 160 161 96 236 $ 160 10 10$ 65 256 20 sing the FIFO inventory costing method. FIFO inventory costing method More Info Dec 1 Beginning merchandise inventory 8 Sale 14 Purchase 21 Sale 14 units@ $ 10 each 6 units @ $ 20 each 16 units @ $ 16 each 14 units @ $ 20 each Print Done