Instructions FIFO Chart of Accounts Journal Final Questions Instructions The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period ending March 31, 2016, are as follows Date Transaction Number of Units Total 2,500 8,000 3,800 1,250 500 17,000 9,100 8,700 14,300 9,800 3,000 7,900 Per Unit $70.00 78.00 140.00 140.00 140.00 80.00 145.00 145.00 81.60 145.00 82.00 145.00 $175,000 624,000 532,000 175,000 70,000 1,360,000 1,319,500 1,261,500 1,166,880 1,421,000 246,000 1,145,500 Jan. 10 Purchase 28 Sale 30 Sale Feb. 5 Sale 10 Purchase 16 Sale 28 Sale 5 Purchase 14 Sale 25 Purchase 30 Sale Mar 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 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 account titles. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31, 2016