Requirement 1. Compute the cost of goodssold, cost of ending merchandiseinventory, and gross profit using the FIFO inventory costing method.

Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronologicalorder, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetualrecord, calculate the quantity and total cost of merchandise inventorypurchased, sold, and on hand at the end of the period.(Enter the oldest inventory layersfirst.)