$2.$ 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 and date your journal entry March $31.$

General Journal Instructions

PAGE $10$

JOURNALACCOUNTING EQUATION

DATE DESCRIPTION POST. REF. DEBIT CREThe beginning inventory at Midnight Supplies and data on purchases and sales for a three$-$month period ending March $31$ are as follows:

Date

Transaction

Number of Units

Per Unit

Total

Jan. $1$ Inventory $9,000$ $$60\mathrm{.}00$ $$540,000$

$10$ Purchase $21,00070\mathrm{.}001,470,000$

$28$ Sale $10,250140\mathrm{.}001,435,000$

$30$ Sale $5,750140\mathrm{.}00805,000$

Feb. $5$ Sale $3,500140\mathrm{.}00490,000$

$10$ Purchase $39,50075\mathrm{.}002,962,500$

$16$ Sale $15,000150\mathrm{.}002,250,000$

$28$ Sale $10,000150\mathrm{.}001,500,000$

Mar. $5$ Purchase $25,00082\mathrm{.}002,050,000$

$14$ Sale $30,000150\mathrm{.}004,500,000$

$25$ Purchase $10,00088\mathrm{.}40884,000$

$30$ Sale $19,000150\mathrm{.}002,850,000$

Required:

$1.$ 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 and date your journal entry March $31.$

$3.$ 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?DIT ASSETS LIABILITIES EQUITY