FIFO perpetual inventory Instructions Chart of Accounts FIFO Journal Finet 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 Date Transaction Number of Units Per Unit Total Jan Inventory 7,500 $75.00 $562.500 10 Purchase 22,500 85.00 1.912.500 30 Feb 22-2 28 Sale 11,250 150 00 1,687.500 Sale 3.750 150.00 562.500 Sale 1.500 150 00 225 000 10 Purchase 54,000 87.50 4,725,000 16 Sale: 27,000 160.00 4,320,000 20 Sale 25,500 100.00 4,050,000 Mar 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160 00 4,000,000 25 Purchase 7.500 00.00 675,000 30 Sale 26.250 160.00 4.200,000 Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one dlustrated in Exhibit using the first-in, first-out method 2. Determine the total sales and the total cost of goods sold for the period Joumaize the entries in the sales and cost of goods sold accounts Assume that all sales were on account and date your journal entry March 31. Refer to the Chart of Accounts for exact wording of account teles 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 atout.method to be higher or lower?