Requirement 1. Conqube the cost of goods sold, cost of ending merchandse inventory, and gross proft using the FifO inventsy costing method hand balances afier each transaction. Once all of the transictions have been entered ints the perpetial recond, calculase the quantly and totai cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layen first). More info Compute the gross profit using the using the Fif O imventory cosiling meithod. Gross probt is using the FIFO inventory costing mathod. Requirement 2. Compute the cost of goods sold, cost of ending menchandse inventory, and pross pooft using ene LiFO imventory costing methos Begin by compuing the cost of goods sold and cost of ending merchandise inventory using the UFo invertory costing method. Entar the transactions in chronological ordes, calculating new inventocy on hand at the end of the period. (Enter the oldest imentory layens fint) Compute the gross profit using the using the LIFO inventory costing method. Gross profit is using the LIFO inventory costing method. 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