Requirement 2. Compits cout of goods sold and gross proft wsing the LIFO inventory conting method Begn by coenputing the cost of goods sold and cost of ending menchandse ieventory using the LlFO inventory costing mehod Enter the transactions in chronologcil arder, calculatng new inventory on hand at Be period (Each transaction. Once at of the tansactons have been entesed into the perpetual record, calculate the quantity and total cost of merchandse inventory purchased, sold, and on hand at the end ot the period (Enter the oldest irveriary layers fint). comprie gross profir using the Lifo inentory cosing rebod. Grost proft is inirg the uro inverilory costng meaded More info