Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetuat inventory record similar to the one ilustrated 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. Joumalize summary entries for the sajes and corresponding cost of goods sold for the period. Assume that all sales were on account and date your joumal entry March 31. 3. Determine the gross protit from sales for the period. 4. Determine the onding inventory cost as of 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? 2. Defermine the total sales and the total oost of goods sold for the period. Journakes summary entries for the sales and corresponding cost of goods sold for the poriod. Assume that ad sales were on agoount and date your joumal enty March 31 3. Detemnine the gross proit from sales for the penod. 4. Determine the ending inventory cost as of March 31. 5. Aased upon the preceding data, would you expect the ending inventory ising the last-ib. frst-out methad to be hagher or hower? Higher Loner