Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibits, using the first-in, first-out method 2. Determine the total sales and the total cost of goods sold for the period Journalize 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 titles 3. Determine the gross profit from sales for the period 4. Determine the ending inventory cost ar of March 31 5. Based upon the preceding date, would you expect the ending inventory using the last first-out method to be higher or lower? Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibits, using the first-in, first-out method 2. Determine the total sales and the total cost of goods sold for the period Journalize 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 titles 3. Determine the gross profit from sales for the period 4. Determine the ending inventory cost ar of March 31 5. Based upon the preceding date, would you expect the ending inventory using the last first-out method to be higher or lower