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 oost of ending menchandise inventory using the LIFO inventory costing method Enter the transactions in chronological order, caloulating new inventory on hand balances afer each transaction. Once ail of he transactors 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 lay Cost of Goods Sold Inventory on Hand Ueit Total Unit Total Date Quanbity Cost Cost Quantity CostCost QuantityCostCost Unit Total More Infto 2 63 1,20 20 63 1.260 12 87 1,044 14$ 63 $882 Oct. 1 11 12 87 1044 Oct. 1 Beginning merchandise inventory 20 tres$ 63 each 12 tres $ 87 each 18 tires @$ 98 each 4 tires@ 90 each 6 tires $ 98 each 11 Purchase 23 Sale 20 12 8 1,044 63 s 378 14 90 s 1,200 Enter any number in the edit elds and then click Check Answer Print Done 4 29 14 $ 90 $ 1,260 2 s 63 S 126 2,808 12$63 756 26 $ 2,304 34 $ 756 Totals Compute gross profit using the LIFO inventory costing method. Enter any number in the edit fields and then click Check Answer 12 Compute gross profit using the LIFO inventory costing method. Gross profit is $ using the LIFO inventory costing method