Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. 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.) Cost of Goods Sold Purchases Unit Cost Total Unit Total Data Table Inventory on Hand Unit Total Quantity Cost Cost 130 76 Date Quantity Cost Quantity Cost Cost May 1 140 100 130 76 140 100 May 5 Purchase May 13 Sale May 18 Purchase May 26 Sale 130 crates @ $76 each 140 crates @ $100 each 150 crates @ $83 each 160 crates @ $102 each 13 140 18L Print Done