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, caculating 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 Inventory on Hand Unit Total Unit Total Unit Total Data Table Date Quantity CostCost Quantity Cost Cost QuantityCost Cost 90 90 130 65 5,850 5,850 9,880 130 76 9,880 Jan. 5 Purchase 130 crates 76 each 140 crates 106 each 18 Purchase 70 crates$86 each 180 crates 114 each 76 13 Sale 13 5,850 76 26 Sale 170 14,620 Print Done Determine the company's gross profit using the FIFO inventory costing method. Gross profit is s using the FIFO inventory costing method