nstructions the beginning inventory at Midnight Supplies and data on purchases and sales tor a three month period ending March 31 are as foliows: Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illisstrated in Exhibit 3 , using the first-in, first-out method. 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3 , 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 joumal entry March 31. Refor to the Chart of Accounts for exact wording of account tilles. 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 lastin, firstcout methed to be higher or lower? 1. Record the inventory purchasell, and oost of goods sold dala in a perpotual inventory record sumilar to the one wilstrated in Extibiti. using the firstin, first-out method. Under FiFO, LOWER unt cost trot in ine Cost of Goods Sold Uht Cost colamit and in the inventory Uns Cost cohimn FIEO he inventay Uni Cost coltm? 2. Determine the fotal sabs and the folal cost of goods sold for the period Joumatie the entries in the sales and cost of goods spld acoounti. Assume that ad sales were on account and date your poumai entry March 31. Refer to the Chart of Accounts for exict wording of account hites. 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 onding inventory using the lastin, firstcout method to be higher or lower? Lower Higher