FIFO perpetual inventory FIFO Chart of Accounts Journal Final Questions Instructions The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31, are as follows Dato Per Unit Jan. Number of Units 2,600 1 Transaction Inventory Purchase Sale $54.00 Total $140.400 10 7.000 62.00 434,000 28 108.00 30 3,850 1,300 Sale 415,800 140.400 Feb 108.00 108.00 5 Sale 500 54.000 10 Purchase 17.500 64.00 16 Sale 1.120,000 983,100 8.700 28 Sale 8,600 113.00 113.00 65.60 971,800 Mar. 5 Purchase 14,000 14 Sale 10,100 113.00 66.00 918,400 1,141,300 217,800 875.750 25 Purchase 3,300 30 Sale 7.750 113.00 Instructions 1. Record the inventory purchases, and cost of merchandise sold data in a perpetua inventory record similar to the one started in bata using the first in first-out method 2. Determine the foal sales and the total cost of merchandise sold for the period Journaite the entries in the sales and cost al merchandise sold Previous Check My Work G Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit3 using the first-in, first-out method 2. Determine the total sales and the total cost of merchandise sold for the period Journize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account and date your journal entry March 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use Ines for journal explanations. Every ine on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered 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 inventory using the last-in. first-out method to be higher or lower