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Assume that Models and More store bought and sold a line of dolls during December as follows Click the icon to view the transactions.) Models and More uses the perpetual inventory system, Read the regulaments, Requirement 1. Compute the cost of goods sold cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method 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 Cost of Goods Sold Unit Total Cost Unit Cost Total Cost Inventory on Hand Unit Total Quantity Cost Cost 135 815 104 Date Quantity Cost Quantity Dec. 1 7 2010 Dec. Dec. 14 Dec. 21 More Info the cost of thod. ost of goods on hand ba tory purcha Dec. 1 Dec. 8 Beginning merchandise inventory Sale Purchase hsactions in calculate the 13 units @ $8 each 7 units @ $20 each 16 units @ $16 each 15 units @ $20 each Dec. 14 Dec. 21 Sale urchases Unit Cost Print Done