Requirement 2. Compute cost cf goods scld and gross profit using the LIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. Enter the transactions in chronclogical order, calculating new inventory on hand balances after each transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date QuantityCoCot Quantity Cost Cost Quantity Cost More Info Cost Oct. 1 Oct. 1 Beginning merchandise inventory 11 Purchase 23 Sale 26 Purchase 29 Sale 20 tires S 63 each 12 tiresS 87 each 18 tires S 101 each 14 tires S 90 each 16 tiresS 101 each 23 26 29 Print Done Totals Compute gross profit using the LIFO inventory costing method