Dec. 1 Beginning merchandise inventory 13 units @ $ 9 each 8 Sale 7 units @ $ 23 each 14 Purchase 17 units @ $ 13 each 21 Sale 13 units @ $ 23 each1. 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?Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec. 1 13 9.00 Dec. 8 Dec. 14 Dec. 21 Totals