Instructions The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows Date Transaction Number of Units Per Unit Total Jan 1 Inventory 9,000 $60.00 $540,000 10 Purchase 21,000 70.00 1,470,000 28 Sale 10,250 140.00 1,435,000 30 Feb. 2529 Sale 5,750 140.00 805,000 Sale 3,500 140.00 490,000 10 Purchase 39,500 75.00 2,962,500 16 Sale 15,000 150.00 2,250,000 28 Sale 10,000 150.00 1,500,000 Mar 5 Purchase 25,000 82.00 2,050,000 14 Sale 30,000 150.00 4,500,000 25 Purchase 10,000 88.40 884,000 30 Sale 19,000 150.00 2,850,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit using the first-in, first-out 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. 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 ending inventory using the last-in first-out method to be higher or lower?