Requirement 1. Determine the amount that would be reported in ending merchandise inventory on May 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 cent, $X.XX. Enter the oldest inventory layers first.)

* More Info May 2 Purchased 8 gallons @ $1.75 each 6 Purchased 1 gallons @ $2.20 each 8 Sold 3 gallons of milk to a customer 13 Purchased 2 gallons @ $2.60 each 14 Sold 4 gallons of milk to a customer Print Done