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Homework: Unit 4 Assignment 2 Save Score: 6.97 of 15 pts 2 of 4 14 complete HW Score: 72.71%, 92.72 of 45 pts E question Hapo E6-19 (similar to) Assume that Toys Galore store bought and sold a line of dols during December as follows: Click the icon to view the transactions) Toys Galore the perpetual inventary system. Read the remans. Requirement 1. Compute the cost of goods sold, cos. olendrg merchandise inventory and gross profit using the FIFO invertory cosing method Begin by computing the cost of goods sold and cost of endng merchandise inventory using the FIFO nventory costing method. Enter the transactions in Chronological order, calculating new inventory on hand balances after each transacion. Once all of the transactions have been entered into the perpetual record, calculate the quantity and to al cost of merchandise inventury purchased, old, and un hand at the end of the period. Enter the oldest inventory layers first PurchRRAS Cart of Goods Sold Inventory an Hand 0 Requirements Unit Total 1 Unit Total Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 83 112 1. Compute the cost of goods sold, cost of ending $ 48 merchandise inventory, and gross profit using the FIFO nventory song method. Des 141 18 S 15 S 240 z Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO nventory using method. Den 21 65 SS 48 3. Which method results in a higher cost of goods sold? $ 155 120 4. Wich method results in a higher wel of ending Marchandisidentory? Totals 16 240| S232 S 120 5. Which method results in a higher gross pruit? Compute the gross prot using the usng the FIFO Inventory costing method. Prin porno Grosa pronta $ 203 uning the FIFO inventary casting method Requirement 2. Compute the cost of goods sold, cost of endng merchandise inventory, and gross profit using the LIFO inventory costing method. Begin by computing the cost of goods sold and cost of endng merchandise inventory using the LIFO inventory costing method. Emer the transactions in chronological crder, 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 to cost of merchandise inventory purchased, old, and on hand at the end of the period. Enter the oldest inventory layers first. ventory an Hand Quantity Cost Quantity Cost Cost Quantity DAG 8 Des 14 Dec 211 Totals Enter any number in the cit folds and then cick Chack Answer 4 maning Clear All Final Check Homework: Unit 4 Assignment 2 Save Score: 6.97 of 15 pts 2 of 4 14 complete HW Score: 72.71%, 92.72 of 45 pts E question Hapo E6-19 (similar to) Assume that Toys Galore store bought and sold a line of dols during December as follows: Click the icon to view the transactions) Toys Galore the perpetual inventary system. Read the remans. Requirement 1. Compute the cost of goods sold, cos. olendrg merchandise inventory and gross profit using the FIFO invertory cosing method Begin by computing the cost of goods sold and cost of endng merchandise inventory using the FIFO nventory costing method. Enter the transactions in Chronological order, calculating new inventory on hand balances after each transacion. Once all of the transactions have been entered into the perpetual record, calculate the quantity and to al cost of merchandise inventury purchased, old, and un hand at the end of the period. Enter the oldest inventory layers first PurchRRAS Cart of Goods Sold Inventory an Hand 0 Requirements Unit Total 1 Unit Total Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 83 112 1. Compute the cost of goods sold, cost of ending $ 48 merchandise inventory, and gross profit using the FIFO nventory song method. Des 141 18 S 15 S 240 z Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO nventory using method. Den 21 65 SS 48 3. Which method results in a higher cost of goods sold? $ 155 120 4. Wich method results in a higher wel of ending Marchandisidentory? Totals 16 240| S232 S 120 5. Which method results in a higher gross pruit? Compute the gross prot using the usng the FIFO Inventory costing method. Prin porno Grosa pronta $ 203 uning the FIFO inventary casting method Requirement 2. Compute the cost of goods sold, cost of endng merchandise inventory, and gross profit using the LIFO inventory costing method. Begin by computing the cost of goods sold and cost of endng merchandise inventory using the LIFO inventory costing method. Emer the transactions in chronological crder, 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 to cost of merchandise inventory purchased, old, and on hand at the end of the period. Enter the oldest inventory layers first. ventory an Hand Quantity Cost Quantity Cost Cost Quantity DAG 8 Des 14 Dec 211 Totals Enter any number in the cit folds and then cick Chack Answer 4 maning Clear All Final Check

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