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Requirement 2. Determine the amount that would be reported in ending merchandise inventory on May 15 using the LIFO 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, $X.XX. Enter the oldest inventory layers first.) Purchases Unit Quantity Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Inventory on Hand Unit Total Quantity Cost Cost Date May 2 Totals 0 More Info May 2 Purchased 8 gallons @ $1.80 each 6 Purchased 1 gallons @ $2.25 each 8 Sold 3 gallons of milk to a customer 13 Purchased 2 gallons @ $2.65 each 14 Sold 4 gallons of milk to a customer Fit Gym began May with merchandise inventory of 70 crates of vitamins that cost a total of $4,550. During the month, Fit Gym purchased and sold merchandise on account as follows: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. 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 Unit Quantity Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Inventory on Hand Unit Total Quantity Cost Cost May 1 Totals May 5 Purchase 13 Sale 130 crates @ 140 crates @ 150 crates @ 160 crates @ $ $ $ $ 76 each 106 each 83 each 116 each 18 Purchase 26 Sale