he beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date Number of Units 2,600 Per Unit $54.00 62.00 108.00 1 10 28 30 7,000 3,850 1,300 500 Transaction Inventory Purchase Sale Sale Sale Purchase Sale Sale Purchase Sale Purchase Sale 10 16 17,500 Total $140,400 434,000 415,800 140,400 54,000 1,120,000 983,100 971,800 918,400 1,141,300 217,800 875,750 108.00 108.00 64.00 113.00 113.00 65.60 113.00 66.00 113.00 8,700 8,600 14,000 10,100 3,300 7,750 14 25 30 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. Journalize 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 exact wording of