Requirement 2. Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. 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 Inventory on Hand Unit Cost of Goods Sold Unit Total Quantity Cost Cost Total Total Cost Unit Cost A Data Table X - Date Quantity Cost Quantity Cost May 1 May 5 Purchase 13 Sale 130 crates @ 140 crates @ 170 crates @ 180 crates @ $ $ $ $ 76 each 110 each 86 each 114 each 18 Purchase 26 Sale Print Done Totals Determine the company's gross profit using the LIFO inventory costing method. Gross profit is using the LIFO inventory costing method. Requirement 2. Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. 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 Inventory on Hand Unit Cost of Goods Sold Unit Total Quantity Cost Cost Total Total Cost Unit Cost A Data Table X - Date Quantity Cost Quantity Cost May 1 May 5 Purchase 13 Sale 130 crates @ 140 crates @ 170 crates @ 180 crates @ $ $ $ $ 76 each 110 each 86 each 114 each 18 Purchase 26 Sale Print Done Totals Determine the company's gross profit using the LIFO inventory costing method. Gross profit is using the LIFO inventory costing method