Instructions The beginning inventory at Manight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventary record similar fo the one wustrated in Extibit 3 , using the first-in, firstout method. 2. Determine the total sales and the total cost of goods sold for the period. Journalize summary entries for the sales and corresponding cost of goods sold for the period. Assume that all sales were on account and date your journal entry March 31. 3. Defermine the gross proft from sales for the period. Determine the ending inventary cost as of March 31. FiFo date pas joumad erizy Mach 31 . 3. Determine the gross profit hom sules for the pariad. Assume that all s. 4. Determine the encling inventiory cest as of March 31. 5. Based upon the preceding dafa, would you expect the ending inventory using the lastin, first-cat method to be higher or lower? Higher Lower