PR 6-1A FIFO perpetual inventory Obj. 2, 3 25 The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as follows: The begin 13. $8,983, 125 EXCEL TEMPLATE $ Date Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 25 30 Transaction Inventory Purchase Sale Sale Sale Purchase Sale Sale Purchase Sale Purchase Sale Number of Units 7,500 22,500 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 (Continued) 324 Chapter 6 Inventories Instructions 1. Record the inventory purchases and cost of goods sold data in a perpetua inventory me 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 entries in the sales and cost of boods sold accounts. Assume that all sales were on accou 3. Determine the gross profit from sales for the period. 1. Determine the ending inventory cost as of March 31. 5. Based upon the precedine data would you expect the ending inventory using the last in first-out method to be higher or lower