Requirement 2. Compute cost of goods sold 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 chronological 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 Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Oct. 1 1 23 Requirement 2. Determine the amount that would be reported in ending merchandise inventory on July 15 using the LIFO inventory costing method. Enter the transactions in chronological 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 all amounts to the nearest cent, $X.XX. Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jul. 2 6 1 11 \fPurchases and sales Jul. 2 Purchased 12 gallons @ $2.25 each Jul. 6 Purchased 6 gallons @ $2.40 each Jul. 8 Sold 7 gallons of milk to a customer Jul. 13 Purchased 3 gallons @ $3.00 each Jul. 14 Sold 4 gallons of milk to a customerDate Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jul. 2 6 8 13 14 TotalsCost Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Oct. 1 11 23 26 29 Totals