Requirement 2. Compute the cost of goods sold, cost of ending merchandise inventory, 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 0 More Info Unit Cost Total Cost Unit Cost Total Cost Date Quantity Quantity Quantity Cost Cost Dec. 1 Dec. 8 Dec. 1 Beginning merchandise inventory 8 Sale Dec. 14 1 1 9 17 14 units @ $ 8 each units @ $ 22 each units @ $ 15 each units @ $ 22 each 14 Purchase 21 Sale Dec. 21 Print Done Totals Enter any number in the edit fields and then click Check Answer. 4 parts 4 remaining Clear All Check