Chapter 6 Inventories inventory record similar to the one illustrated in 2. Determine the total sale sod. Journalize the les were on account Instructions ecord the inventory, purchases, and cost of goods sold data in a perpetual iny ir to the one illustrated in Exhibit 3, using the first-in, first-out method. termine the total sales and the total cost of goods sold for the period les in the sales and cost of goods sold accounts. Assume that all sales we Determine the gross profit from sales for the period. termine the ending inventory cost as of March 31. 5. Based upon the preceding data, would you expect the ending inventory using th first-out method to be higher or lower? y using the last-in