Requirement 1. Compute the cost of goods sold cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise investory using the PFO vertory costing method. Enter the transactions in chronological order, calculating new inventory on hand to reach transaction Once all of the actions 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 Unit Total Unit Total Unit Total More info Date Cost Cost Quantity Cost Cost Quantity Cost Cost Dett Det 0 Dec 1 Beginning merchandise inventory 13 wiss Beach Dec 14 8 Sale #wiss 18 each 14 Purchase 1814 Dec 21 21 Bee 14 To Requirements Enterary number in the fields and then click Check Answer 1. Compute the cost of goods sold cost of ending merchandise mentors and gross profit using the FIFO inventory cosing method 2. Compute the cost of goods sold cost of ending merchandisinventory and gross pro using LIFO inventory cosing method 3. Which method results in a higher cost of goods 4. Which methods in a higher cost of ending merchandisery 6. Which methods in a higher reso? partes renang CA i More Info Dec. 1 Beginning merchandise inventory 13 units @ $ 8 each units @ $ 18 each 8 Sale 8 14 Purchase 16 units @ $ 14 each 21 Sale 14 units @ $ 18 each Print Done C Requirements 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit? Print Done