sume that Toys Galore store purchased and sold a line of dolls during December as follows: (Click the icon to view the transactions.) bys Galore uses the perpetual inventory system ead 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 c balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchand the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec. 1 Dec. 8 Enter any number in the edit fields and then click Check Answer 6 parts remaining Clear All Slick the icon to view the transactions.) -Galore uses the perpetual inventory system. d the requirements. Total Total Unit Unit Cost Total Cost Unit Cost Date Cost Quantity Cost Quantity Quantity Cost Dec. 1 Dec. 8 Dec. 14 Dec. 21 Totals Enter any number in the edit fields and then click Check Answer Clear All 6 parts remaining O Type here to search More Info . X Dec. 1 Beginning merchandise inventory 13 8 Sale 8 units @ $ 9 each units @ $ 22 each units @ $ 14 each units @ $ 22 each 14 Purchase 16 21 Sale 14 Print Done i 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 Done Clear All