\begin{tabular}{|c|c|c|c|} \hline Dec. 1 Beginning merchandise inventory & 13 & units@\$ & 9 each \\ \hline 8 Sale & 8 & units@\$ & 22 each \\ \hline 14 Purchase & 16 & units@\$ & 14 each \\ \hline 21 Sale & 14 & units@\$ & 22 each \\ \hline \end{tabular} Requirement 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory 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 the ofdest inventory layers first.) Requirements 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit