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.) Purchases Cost of Goods Sold Inventory on Hand Data table Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Oct. 1 Oct. 5 Purchase Oct. 13 Sale Oct. 18 Purchase 13 Oct. 26 Sale 120 crates @ $78 each 130 crates @ $100 each 124 crates @ $90 each 130 crates @ $102 each 18 26 Totals Determine the company's gross profit using the FIFO inventory costing method. Gross profit is using the FIFO inventory costing method. Print Done