1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in using the first-in, first-out method 2. Determine the fotal sales and the fotal cost of goods sold for the period. Joumalize summary entries for the sales and corresponding cost of goods sold for the period Assume that all sales were on account and date your journal entry March 31 3. Determine the gross profit from sales for the penod. 4. Determine the ending inventory cost as of March 31 . 5. Based upon the preceding data, would you expect the ending inventory using the to be higher or lower