E5-19A (similar to) E Question Help Assume Yellow Shirt, Inc., bought and sold a line of mountain bikes during October as follows: :: (Click the icon to view the data.) Yellow Shirt, Inc., uses the perpetual inventory system. Read the requirements Requirement 1. Compute the cost of goods sold under FIFO. Start by entering the beginning inventory balances. 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 inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) FIFO: Purchases Unit Total Qty Cost Cost Cost of goods sold Unit Total Qty Cost Cost Inventory on hand Unit Total Qty Cost Cost Date Oct 1 Enter any number in the edit fields and then click Check Answer 12 remaining 12 parts Clear All Check Answer ught and sold a line of mountain bikes during October as follows: data.) rpetual inventory system. e cost of goods sold i Data Table ng inventory balances ave been entered int nventory layers first. htory on hand ory purchase Quantity Cost of Unit Cost - 254 Oct es Total Cost Qty Date Item 1 Balance 5 Sale 12 Purchase 21 Sale 30 Sale 255 Print Done edit fields and then click Check Answer. Clear All entory system oods sold under FIFO. ryba In hand rchased ente layer * Requirements col Qty 1. Compute the cost of goods sold under FIFO. 2. Compute the cost of goods sold under LIFO. 3. Which method results in the higher cost of goods sold? Print Done