Requirement 1. Compute the cost of goods sold, cost of ending merchandise iwventory, and gross profit using the FIFO imventory costing method Begin by computing the cost of goods sold and cost of ending merchandiso inventory using the FiFO irventory costing method Enter the transactions in chronological order calculating new irvontory on hand balances after esch transaction. Once all of the transactions have been entered into the porpetual record, calculate the quantily and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory tayers first) 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? \begin{tabular}{|crrr|} \hline Dec.1 Beginning merchandise inventory & 12 & units @ \$ 9 each \\ 8 Sale & 7 & units @ \$ 19 each \\ 14 Purchase & 17 & units @ \$ 13 each \\ 21 Sale & 14 units @ \$ 19 each \\ \hline \end{tabular}