Requirement 1. Determine the amount that would be reported in ending merchandise inventory on January 15 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 all amounts to the nearest cant, $XXX. Enter the oldest inventory layers first.) Purchases Unit Cost of Goods Sold Inventory on Hand Total Unit Total Unit Total More info Date Jan. 2 Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jan. 2 6 Jan. 6 Purchased 10 gallons Purchased 2 gations $1.60 each $1.90 each Jan. 8 Sold 4 gallons of milk to a customer Jan. 13 Purchased 2 gallons @ $2.35 each Totals 13 14 Jan. 14 Sold 4 galons of milk to a customer Print Done X