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, firstout method. 2. Determine the total sales and the total cost of merchandise sold for the period. Joumalie the entries in the sales and cost of merchandise sold acoounts. Assume that all sales were on account and date your joumal entry March 31. Reter to the Chart of Accounts for exact wording of account tites. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31. 5. Based upon the preceding data, would you expect the inventory using the lastsin, first-out method to be higher or lower