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Assume Fat Gameland slore purchased and sold a line of dols during December as flollows (6) (Click the icon to vew the transidions) Gameland uses the petpetual inventary vntem Read the ceescements. Requirement 1. Conpute the cost of goods sold, cost of ending menchandse imventory, and gross proft unng the fifo mventory costing method the perod iEnter the oidtest inventory layurs linst) Requirements 2. Compuse he cost of goods seld cost of ending enerchundse mentory and goss prost using the Lifo mventary cosing rented 3 Whah method results in a hoher cosi of goeds soien? 4. Which method iesults na heper cost of ending merchandine inverion? 5. Which method resuls in a horer gross prat? Assume that Java Colbe Shop completed the following penodic inventory transactions for a ine of meichandse inventory. (Click the icon to vew the transactions) Read the remirements. Begn by doterminung ending merchandse avventory and cost of goods soid under sach of the three methads Requirements 1. Compute ending merchandise invontary, cost of goods sold, and goss prot: using the Firo snversory costrog method 2. Cempute onding menchandse imentory cost of goods sold, and gress proti using the Lifo inventory costing mothod 3. Compute endno merchandise iwentory, cost of poods scid, and gross prot: werape cost ber unt to the neasest cent and all ocher amounts to the nearest deilar)

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