FIFO perpetual inventory Instructions FIFO Chart of Account Journal Final Questions Instructions The beginning inventory at Midnight Supplies and cala on purchases and Sales for a three-month period ending March 31, are as follows: Date Transaction Total Number of Units 2,500 lar, 1 Inventory Purchase Per Unit $54.00 52.00 105.00 10 7.000 $140,400 434,000 415,800 140.400 2,850 29 Salo 30 Sale 1.300 109.00 Fob. 5 Sale 500 108.00 10 Purchase 04.00 17,500 9.200 64,000 1.120,000 883,100 971,000 18 Sale 113.00 113.00 20 Sale 0.000 Mar. 5 14,000 Purchase Sale 918,400 1.141.300 14 65.60 113.00 68.00 10.100 25 3,300 217,800 Purchase Sale 30 7.750 11300 875,750 Instructions 1. Record le viventory phases and custof merchandise od leta il 8 percentual inventory record similar to the one Nustrated in Fabiat 3 using the first in staat wmod 2. Ceramire me total sales and the total cost of merchandise for the period Journize the entries in the sales and cost of merchandise sal Accounts. Assume that also wore on Account and date your une anty March 31. Roberto Mechanol count bar me arst wording a MA AYAT CHOW jumal oor in juros explosions. Every ine on a journis page to wood for det or credit mig. CHOW unals wWautomaticaly conta crocentry wanted amount is entered a. Ostamine the gmsspil om saks for the period 4. Ostamine the ending vendory costas ar March 27. 5. Based upon the grounding data, wauld you expect the wonitory wing the boat first aut method to be higher or lower 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual invertory record similar to the one strated in Exhibit 3, using the first intr-out method. Date Purchases Cost of Merchandise Sold Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan 1 2,600 54.00 140,400 140,400 10 7,000 62.00 434000 2.600 54.00 / 10 20 2,600 54.00 20 30 1,250 1,300 6200 62.00 62.00 140,400 77,500 80.000 6200 62.00 275.900 X 275.900 244.900 Feb 5 500 4450 X 4450 3,950 3,950 17.500 31,000 62.00 10 17,500 64.00 1,120,000 244.900 62.00 64.00 10 18 8.700 X X 8,600 X 983,100 x 971,800 X 16 112.00 64.00 28 Mar. 14,000 65.60 918 400 64.00 64.00 65.50 5 14 4,150 64.00 264,500 390,320 14 5,950 65.60 8,050 8,050 628,090 528,080 25 3,300 68.00 66.60 65.80 66.00 217.800 25 65.60 30 an 66.00 20 Balances Points 81/95 Foodback Check My Work