* Requirements 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit? Print [ne] Clear All E6-19 (similar to) HW Score: 0.48%, 0.04 of 9 pm Question Help Assume that BR Toys store bought and sold a line of dolls during December as follows: the icon to view the transactions) BR Toys uses the perpetual inventory system Read the Requirement 1. Compute the cost of goods sold, cost of ending merchandise invertory, and gross profit using the FIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO Inventory costing method Enter the transactions in chronological order i ng new inventory on hand bas erech Once of the transactions have been artered into the perpetual record, calculate the quantity and cost of merchandise inventory purchased sold and on and at the end of the period er the delivery t en ) Cost of Goods Solid Inventory on Hand Date Quant Quantity Cost Enter any number in the one and monk Cock Answer 6 ring Check Anwer a w ER TY u A s o F G H J op i K L caps lock