ssume that Toyland store purchased and sold a line of dolls during December as follows:

$($Click the icon to view the transactions.$)$

oyland uses the perpetual inventory system.

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Read the requirements.

Requirement $1.$ Compute the cost of goods sold, cost of ending merchandise inventory, 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 chrol of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand a

$\backslash$table$[[$Date$,$Purchases,Cost of Goods Sold,Inventory on Hand$],[$Quantity$,\backslash$table$[[$Unit$],[$Cost$]],\backslash$table$[[$Total$],[$Cost$]],$Quantity,$\backslash$table$[[$Unit$],[$Cost$]],\backslash$table$[[$Total$],[$Cost$]],$Quantity,$\backslash$table$[[$Unit$],[$Cost$]],\backslash$table$[[$Total$],[$Cost$]]],[$Dec$.1],[$Dec$.8],[$Dec$.14],[$Dec$.21],[],[$Totals$,,,,$R$,,,,,]]$

Requirements

Compute the cost of goods sold, cost of ending merchandise inventory, an gross profit using the FIFO inventory costing method.

Compute the cost of goods sold, cost of ending merchandise inventory, an gross profit using the LIFO inventory costing method.

Which method results in a higher cost of goods sold?

Which method results in a higher cost of ending merchandise inventory?

Which method results in a higher gross profit?

Done