r k toys uses the perpetual inventory system.\nbegin by computing the cost of goods sold and cost of ending…

r k toys uses the perpetual inventory system.\nbegin 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. (if no entry is required for a transaction/event, select no entry required in the first account field. for cost of goods sold, enter the inventory layers in the order in which they are removed from inventory.)\n\n| | purchases | cost of goods sold | inventory on hand |\n|----|----|----|----|----|----|----|----|----|----|\n| date | quantity | unit cost | total cost | quantity | unit cost | total cost | quantity | unit cost | total cost |\n| dec. 1 | | | | | | | 13 | $8 | $104 |\n| dec. 8 | | | | 7 | $8 | $56 | 6 | $8 | $48 |\n| dec. 14 | 16 | $14 | $224 | | | | 6 | $8 | $48 |\n| | | | | | | | 16 | $14 | $224 |\n| dec. 21 | | | | 6 | $8 | $48 | 0 | $8 | |\n| | | | | 7 | $14 | $98 | 9 | $14 | $126 |\n| totals | 16 | $224 | 20 | $202 | 9 | $126 |\n\ncompute the gross profit using the using the fifo inventory costing method.\ngross profit is using the fifo inventory costing method.

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