1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 6, using the weighted average cost method. 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost as of March 31, 2016. The beginning inventory for Funky Party supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. 1. Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using the last in, first-out method and the periodic inventory system. 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 6, using the weighted average cost method. 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost as of March 31, 2016. The beginning inventory for Funky Party supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. 1. Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using the last in, first-out method and the periodic inventory system