Problems: Serie A $8.983, 125 Show Me PR 7.1A FIFO perpetual inventory purchases and sales The beginning inventory at Midnight Supplies and data on three-month period ending March 31, are as follows: Number Per Total Date Transaction Unit of Units $ 562.500 Jan $ 75.00 1 7,500 Inventory 85.00 22.500 1.912.500 10 Purchase 28 150.00 1.687,500 11,250 Sale 30 562.500 3.750 Sale 150.00 Feb, s 1.500 Sale 150.00 225.000 10 Purchase 54,000 87.50 4,725.000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080.000 Mar. 5 Purchase 45.000 89,50 4,027,500 Sale 30,000 160.00 4.800,000 25 Purchase 7.500 90.00 675,000 30 Sale 26.250 160.00 4,200,000 Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-ou 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. 3. Determine the gross profit from sales for the period