oblems: Series A OB). 2,3 ses and sales for a 3,125 PR 7-1A FIFO perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and three-month period ending March 31, are as follows: Number of Units 7,500 22,500 ow Transaction Date Jan. 1 Inventory 10 Purchase 28 Sale Sale Feb. 5 Sale 10 Purchase 16 Sale 28 Sale Mar. 5 Purchase 14 Sale 25 Purchase 30 Sale 11,250 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7,500 26,250 Per Unit $ 75.00 85.00 150.00 150.00 150.00 87.50 160.00 160.00 89.50 160.00 90.00 160.00 Total $ 562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000 ise sold data in a perpetual Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a per inventory record similar to the one illustrated in Exhibit 3, using the first-in, first method. 2. Determine the total sales and the total cost of merchandise sold for the period. lour nalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account. 3. Determine the gross profit from sales for the period