follow the instructions please! this is part of the question!

pag 1 cBook Show Me How 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 Total Per Unit $56.00 Jan 1 3.000 Inventory Purchase $168,000 454,400 10 7.100 64.00 28 Sale 4.200 112.00 30 Sale 1,300 11200 11200 Feb 5 Sale 500 470,400 145,600 56,000 1,221,000 1.041,300 960,400 10 18,500 66.00 Purchase Sale 16 8.900 117.00 28 Sale Mar 5 Purchase 11700 67.60 117.00 980.200 14 8,200 14,500 10,000 3,400 8.000 Sale Purchase 25 30 68.00 117.00 1,170,000 231,200 936,000 Sale Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one mustrated in Exhibit 3, tsing the first-, first-out method 2. Determine the total sales and the total cost of goods sold for the period Journalise the entries in the sales and cost of goods sold accounts Assume that alates were on account and date your journal erby March 31. Refer to the Chart of Accounts for exact wording of account es 3. Determine the gross prodit from sales for the period. 4 Determine the ending inventory cost as of March 31 5. Based upon the preceding date, would you expect the ending inventory using the last in first-out method to be higher or lower? Check My Work Previous Chart of Accounts CHART OF ACCOUNTS Midnight Supplies General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable EXPENSES 141 Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation Office Equipment 193 Store Equipment 194 Accumulated Depreciation Store Equipment 510 Cost of Goods Sold 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 537 Seling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment LIABILITIES 210 Accounts Payable 221 Notes Pavabla 562 Depreciation Expense-Store Fouinment ok Show Me How TUTTGOLVVUI 515 Credit Card Expense 516 Cash Short and Over 141 Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends eBook Show Me How 1. Record the inventory purchases, and cost of goods sold data in a perpetual inventory record siiar to the one strated in Exit 3 using the first, first-out method Under FIFO, i un cost tot in the Cost of Goods Sold Unit Cost column and in the inventory Unit Cost column Date Purchases Cost of Goods Sold Date Quantity Unit Cest Total Cost Quantity Unit Cost Total Cost Jan 1 10 1 10 $ $ 28 28 30 Feb. 5 $ $ 10 S 10 16 5 S 16 20 Mars 5 14 $ 14 25 15 25 30 Is 30 31 Balances Check My Work Previous Nyt entory.cord similar to the one strated in Exhib, using the first in first-our memod. Under FIFO, Xunts are in Inventory at wo dereit costs, enter the units with the LOWERS fost column Cost of Goods Sold Inventory Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost . S 15 5 S 5 5 S 5 1 5 0 5 1 5 3 $ s 1 0 1 S 5 5 5 18 Book Show Me How Journal z Determine the total sales and the total cost of goods sold for the period Jumaluse the entries in the sales and cost of goods sold accounts. Assume that all sales were on account and ciate your journal anty March 31. Hefer to the Chair of Accounts for exact wording of account files. CE 10 JOURNAL ACCOUNTING EQUATION DATE DICTION POSTER DEMY CHIT ASSETS LABUTIES OUTY Final Questions Final Questions 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31. S 5. Based upon the preceding data, would you expect the ending inventory using the last-in. first-out method to be higher or lower? Lower Higher