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he beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as follows: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in 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 . Refer to the Chart of Accounts for exact wording of account titles. 3. Determine the gross profit from sales for the periad. 4. Defermine the ending inventory cost as or 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? CHART OF ACCOUNTS Midnight Supplies General Ledger \begin{tabular}{ll} \multicolumn{1}{c}{ ASSETS } & REVENUE \\ 110 Cash & 410 Sales \\ 111 Petty Cash & 610 Interest Revenue \\ 120 Accounts Receivable & \\ 131 Notes Receivable & EXPENSES \\ 132 Interest Receivable & 510 Cost of Goods Sold \\ 141 Inventory & 515 Credit Card Expense \\ 145 Office Supplies & 516 Cash Short and Over \\ 146 Store Supplies & 520 Salaries Expense \\ 151 Prepaid Insurance & 531 Advertising Expense \\ 181 Land & 532 Delivery Expense \\ 191 Office Equipment & 533 Insurance Expense \\ 192 Accumulated Depreciation-Office Equipment & 534 Office Supplies Expense \\ 193 Store Equipment & 535 Rent Expense \end{tabular} 194 Accumulated Depreciation-Store Equipment 536 Repairs Expense 537 Selling Expenses LIABILITIES 538 Store Supplies Expense 210 Accounts Payable 221 Notes Payable 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 222 Interest Payable 231 Salaries Payable 590 Miscellaneous Expense 710 Interest Expense 241 Sales Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends FIFO 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one wilustrated in Exhibit 3 , using the first-in, firs Sold Unit Cost column and in the inventory Unit Cost column. 31 Balances one illustrated in Exhibit 3 , using the first-in, first-out method. Under FIFO, if units are in invontory at two different costs, enter the units with the LOWER unit o Ghart of liments for exad woedng of accoure trest 3. Determine the gross profit from sales for the period. 4. Defermine the ending inventory cost as of March 31 . 5. Based upon the preceding data. would you expect the ending inventory using the tastein, first-out methed to be higher or lower? Lower Higher