OBJ.2, PR 7-1A FIFO perpetual inventory The beginning inventory at three-month period ending March 31, are as follows: and sales fo Midnight Supplies and data on purchases a Number of Units Per Unit Total Date Transaction Jan. 1 Inventory 7,500 75.00 562,500 85.00 1,912,500 22,500 10 Purchase 28 Sale 30 Sale 150.00 1,687,500 11,250 3,750 150.00 1,500 150.00 562,500 225,000 87.50 4,725,000 27,000 160.00 4.320,000 25,500 160.00 4,080,000 45,000 89.50 4,027,500 30,000 160.00 4,800,000 675,000 26,250 160.00 4,200,000 Feb. 5 Sale 10 Purchase 16 Sale 28 Sale Mar. 5 Purchase 14 Sale 25 Purchase 30 Sale 7,500 90.00 nstructions . Record the inventory, purchases, and cost of merchandise sold data in a perpetua inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-ou method. Determine the total sales and the total cost of merchandise sold for the p eriod. Jou lize the entries in the sales and cost of merchandise sold accounts. Assume that a na sales were on account. Determine the gross profit from sales for the period