Travel Mart, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Freeport, Florida, location follow (Click the icon to view the purchases and sales.) Read the requirements. Requirement 1. Determine the amount that would be reported in ending merchandise inventory on May 15 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 all amounts to the nearest cent SXXX 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 May 2 6 8 13 Enter any number in the edit fields and then click Check Answer chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at and sales.) that would be The FIFO inventory co 0 More Info - X order, calculatin tity and total cd ventory layers nce all of the transact at the end of the perio Total Total Cost Qua May 2 Purchased 12 gallons @ $2.20 each 6 Purchased 2 gallons @ $2.55 each 8 Sold 4 gallons of milk to a customer 13 Purchased 4 gallons @ $2.60 each 14 Sold 5 gallons of milk to a customer Cost Print Done and then click Check Answer. Che Clear All 30