problem 7-1A, I need answers 1-5!

Beginning merchandise inventory Purchases (net) Merchandise available for sale 860,000 $ 960,000 oblems: Series A 5,750 PR 7-1A FIFO perpetual inventory OBJ. 2,3 The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period ending March 31, 2016, are as follows: Per Date Jan. 1 10 28 30 Transaction Inventory Purchase Sale Sale Number of Units 2,500 7,500 3,750 1,250 Unit $60.00 68.00 120.00 120.00 $150,000 510,000 450,000 150,000 Chapter 7 Inventories 359 Date Feb. 5 10 16 28 Mar. 5 14 25 30 Transaction Sale Purchase Sale Sale Purchase Sale Purchase Sale Number of Units 500 18,000 9,000 8,500 15,000 10,000 2,500 8,750 Per Unit $120.00 70.00 125.00 125.00 71.60 125.00 72.00 125.00 Total $ 60,000 1,260,000 1,125,000 1,062,500 1,074,000 1,250,000 180,000 1,093,750 Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inven- tory record similar to the one illustrated in Exhibit 4, using the first-in, first-out method. 2. Determine the total sales and the total cost of merchandise sold for the period. Jour nalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account.IOS 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31, 2016. 5. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower