PR 7-1A FIFO perpetual inventory The beginning inventory_at_Midnight Supplies and_data_on_purchases and_sales for a three-month period ending March 312 are as follows: Instructions 1. Record the inyentory, purchases, and_cost_of merchandise_solsl_data in a perpetual inventory record similar to theone illustrated in Exbibit 3 , using the first in, firstout method. 2. Determine the total sales and the total cost of merchandise sold for the perjod Journalize 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. 2. JOURNAL Description Debit Credit Accounts Receivable Sales Cost of Merchandise Sold Merchandise Inventory 3. Gross profit for the sales period 4. Ending inventory cost 5. Inventory under LIFO would be