00 Obj. 2,3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three- PR 6-1A FIFO perpetual inventory month period ending March 31 are as follows: Date Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 25 30 Transaction Inventory Purchase Sale Sale Sale Purchase Sale Sale Purchase Sale Purchase Sale Number of Units 9,000 21,000 10,250 5,750 3,500 39,500 15,000 10,000 25,000 30,000 10,000 19,000 Per Unit $ 60.00 70.00 140.00 140.00 140.00 75.00 150.00 150.00 82.00 150.00 88.40 150.00 Total $ 540,000 1,470,000 1,435,000 805,000 490,000 2,962,500 2,250,000 1,500,000 2,050,000 4,500,000 884,000 2,850,000 Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31. sum- 2. Determine the total sales and the total cost of goods sold for the period. Journalize mary entries for the sales and corresponding cost of goods sold for the period. Assume that all sales were on account. 5. Based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower?

PR 6-1A FIFO perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three. month period ending March 31 are as follows: Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 2. Determine the total sales and the total cost of goods sold for the period. Journalize summary entries for the sales and corresponding cost of goods sold for the period. Assume that all sales were on account. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31. 5. Based upon the preceding data, would you expect the ending inventory using the last-in first-out method to be higher or lower