Requirement 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross proft using the FIFO imventory costing method: Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FiFO inventory costing method. Entar the transactions in chronological order, calcutating new in hand balances after each transaction. Once al of the transactions have been entored into the perpebual record, calculose the quantily and total cost of merchandise imventory purchased, sold, hand at the end of the period. (Enter the oldest inventory layers Irst) Cormpute the gross pecte using the using the FFO invenlory costing method. Grose prokt is using the FIFO imentory costing trethed Requirement 2 Computo the cost of goods sold, cost of ending merchandise inventory. and gross proft using the LFO inventary cosing methed. Begin by computing the cont of goods sold and cost of ending merchandise irventory using the LFO invontory costing method. Enter the taaneactons in chronological arder, caculating new imentory on hand balances after each vansaction. Once al of the transactions have been entered into the peppetiai record, calculate the quantif and wed cost of mwarchandse inventary purchased, sold, and on hand at the and of the period, (Enter the oldest invening layers first) Compule the gives profi uung the wing the LFo iveritory costing methed Grost pootis lining the LiFO iventary poting metiod Requirement 3. Which method results in a higher cost of goods sold? The method with the higher cost of goods sold is Requirement 4. Which method results in a higher cost of ending merchandise inventory? The method with the higher cost of ending merchandise inventory is Requirement 5. Which method results in a higher gross profit? The method with the higher gross profit is More info