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More Info Jul. 1 Beginning merchandise inventory Jul. 11 Purchase 28 tires @ $70 each 7 tires @ $80 each Jul. 23 Sale 14 tires @ $87 each Jul. 26 Purchase 21 tires @ $82 each Jul. 29 Sale 25 tires @ $87 each Print Done Requirement 1. Compute cost of goods sold 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, calculating new inventory on hand balances after each transaction. Once all of the transactions 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 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 Jul. 1 11 23 261 29 Totals Compute gross profit using the FIFO inventory costing method. Gross profit is using the FIFO inventory costing method