first-out method to be higher or lower? preceding data, would you expect the inventory using the last-in, PR 7-2A LIFO perpetual inventory OBJ. 2, 3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost as of March 31. Problems: Series A purchases and sales for 081.2, 3. $8,983, 125 Excel $ Show Me How PR 7-1A FIFO perpetual inventory The beginning inventory at Midnight Supplies and data on three-month period ending March 31, are as follows: Number Per Unit of Units Transaction Date $ 75.00 7,500 Jan. 1 Inventory 85.00 10 22,500 Purchase 150.00 28 11,250 Sale 150.00 30 3,750 Sale Feb. 150.00 5 Sale 1,500 87.50 10 54,000 Purchase 160.00 16 27,000 Sale 28 Sale 25,500 160.00 Mar. 5 Purchase 45,000 89.50 Sale 30,000 160.00 25 Purchase 7,500 90.00 30 Sale 26,250 160.00 Total $ 562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000 14 Instructions 1. Record the inventory, purchases, and cost of merchandise 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 merchandise sold for the period. Joure nalize the entries in the sales and cost of merchandise sold accounts. Assume that al sales were on account. 3. Determine the gross profit from sales for the period