Score: 0 ot 5 pts Score: 20%, 5 of 25 pts E6-19 (book/static) Question Help Assume tha Toys Galore store tought and sold a line of dolls during December as follows 1 rcick the con to view the transactions) Tays Galare us e perpetul invntary system Road e ouromants Requirement 1.Compute the cosi ofgoods sod, cost of ending merchandise Inventory, and gross pront using the FIFO inventory costng method. Begin by computing tne cost of goods sold and ccst of ending merchandise inventory using the FiFO inventery costing method. Emer the transactions in chronological orcer, caicularing nes invetory on hand balances aer each transaction. Cnce all of the transactiens have been entered inte the perpetual rocord, calculate the quanaty and total cost of merchandise Inventory purchasod, sold, and on hand at the cnd of the perlod. (Enmer the oldest Inventory layers frst) Cost of Goods Sold Inventory on Hand unitcost Date Quantity Cost Cost Quantity Cost cost | Quantity | Cost Requirermens Dec. 1 Dac. 1 1. Cnmute the cost cat gts sl,cst af enting merchandse entory, at groes pro t using the FiFO inventory costing method. 2. Compute the cos ofgoods sold, cost of ending merchandise nentory, and Dec. 21 goss poit usng the IFO nwentory costing merhar 3. WhKOl method tesutsin higher cost aigoats stir, 4. Wlicn med esuits in a iger costof ending merchiand se invenory? 6. Which mechod resuits in a higher groes prott? Print Donc